A general partner is a partner (owner) of a partnership who is personally liable for all partnership debts and is permitted to participate in the management of the partnership. Every limited partnership must have one general partner. Often this general partner is a corporation to avoid any individual being personally liable.
Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.