Definition: is one of the owners of an unincorporated organization created to function as a general partnership. Such an individual has complete control of the company and is fully liable for its debts, thus differing from a limited or nominal partner. A general partner can make decisions on account of the entire company without the consent of other partners, while the latter still remain responsible for his actions, which means that the firm’s assets can be left relatively unprotected if left in unreliable hands.
In a Sentence:
I’ve sent my general partner to negotiate with FirePower, and now I’m nervous about whether he’ll manage to close the deal.
Frank Trucker dedicated a lot of effort to bring on Rachel Amber as the new general partner to give his enterprise the creative approach it was lacking.
To avoid any trouble, discuss every important decision with your general partner and avoid acting on your own without his consent.
Synonyms and related words:general partnership, limited partner, unincorporated business, asset protection