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general partnership
(redirected from General partner)

    Also found in: Legal, Financial, Acronyms, Wikipedia 0.01 sec.
general partnership
n.
A partnership in which each of the partners is liable for all of the firm's debts, and the actions of one partner are binding on each of the other partners.
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To address this hazard, the limited partnership may be set up such that the general partner is actually a corporation or LLC.
What Are Limited Partnership Agreements? by Mark Warner / Law community
Typically, it has one limited partner, a corporation that owns 100% of the partnership capital, and one general partner (also a corporation (or "GmbH")) with no equity interest and no share in the company's profits and losses.
Federal tax classification of entities with zero-equity members by Packard, Pamela / The Tax Adviser
Together with the general partner (or general partners), they comprise the two classes of partners in a limited partnership.
Understanding the partnership structure (part 2): the limited ... by Swais, Nishan / LawNow
 
 
 
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