Dictionary of Law

general partner :: legal definition

General partner - n. 1) usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits and, most importantly, the liability for debts is shared by the general partners. Anyone entering into a general partnership (the most common business organization involving more than one owner) must remember that each general partner is liable for all the debts of the partnership. Furthermore, any partner alone can bind the partnership on contracts. Example: Joe Doright and Sam Sleazeball are partners in a retail store. Sleazeball runs up a large American Express card bill in the name of the company while on a toot in Las Vegas, contracts for purchase of $30,000 worth of dresses which are out of fashion, and then takes off with a girlfriend for Tahiti. Doright is responsible for the entire debt. 2) in the 40 states which recognize limited partnerships, the managing partner or partners operate the partnership and are liable for its debts beyond the value of the investments by limited partners. The general partners usually receive a management fee and share in profits. Limited partners are prohibited by law from participating in management, can lose more than their investments, and get less than the general partners from unusually high profits.

See also: limited partnership partner partnership and Related Law Terms ↓

Related Law Terms

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answer :: n. in law, a written pleading filed by a defendant ... emurrer general denial verification
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Attorney General :: n. in each state and the federal government the hi ... izenry. See also: Solicitor General
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
business invitee :: n. a person entering commercial premises for the p ... to the contrary. See also: invitee
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
cartel :: n. 1) an arrangement among supposedly independent ... Colombia. See also: antitrust laws
clean hands doctrine :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
common area :: n. in condominium and some cooperative housing pro ... tage of total store space occupied.
complaint :: n. the first document filed with the court (actual ... g prayer service of process summons
condominium :: n. title to a unit of real property which, in real ... ium projects. See also: common area
consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor
contribution :: n. 1) donation to a charity or political campaign. ... f $3,000 from each of his partners.
cooperative :: n. an association of individual businesses, farmer ... exes. See also: cooperative housing
cooperative housing :: n. an arrangement in which an association or corpo ... common area condominium cooperative
copartner :: n. one who is a member of a partnership. The prefi ... hip." See also: partner partnership
corporation :: n. an organization formed with state governmental ... ation public corporation securities
court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials.
covenants, conditions and restrictions :: n. commonly called "CC and Rs," these are written ... ctive purchaser. See also: covenant
damages :: n. the amount of money which a plaintiff (the pers ... liquidated damages special damages
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
eminent domain :: n. the power of a governmental entity (federal, st ... ngs. See also: condemn condemnation
franchise :: 1) n. a right granted by the government to a perso ... on property, income or profits tax.
general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock
insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence
issue :: 1) n. a person's children or other lineal descenda ... the body incorporation share stock
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint venture :: n. an enterprise entered into by two or more peopl ... s terminated. See also: partnership
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence
liable :: adj. responsible or obligated. Thus, a person or e ... al prosecution. See also: liability
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
literary property :: n. the writings of an author which entitles him/he ... as copyrighted. See also: copyright
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution.
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
officer :: n. 1) a high-level management official of a corpor ... deputy sheriff or federal marshal.
oral contract :: n. an agreement made with spoken words and either ... itten. See also: agreement contract
partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
plea :: n. 1) in criminal law, the response by an accused ... raignment plead preliminary hearing
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
product liability :: n. the responsibility of manufacturers, distributo ... e known. See also: warrant warranty
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
prospectus :: n. a detailed statement by a corporation required ... rporation limited partnership stock
prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
regulations :: n. rules and administrative codes issued by govern ... es usually have similar procedures.
restraint on alienation :: n. an attempt in a deed or will to prevent the sal ... enant rule against perpetuities use
review :: n. the judicial consideration of a lower court jud ... ate court reversal reversible error
scope of employment :: n. actions of an employee which further the busine ... ter and servant respondeat superior
securities :: n. generic term for shares of stock, bonds and deb ... ee also: bond debenture share stock
self-dealing :: n. in the stock market, using secret "inside" info ... ederal Securities and Exchange Act.
silent partner :: n. a non-legal term for an investor who puts money ... partner limited partnership partner
special prosecutor :: n. an attorney from outside of the government sele ... Robert Bork finally discharged Cox.
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
straw man :: n. 1) a person to whom title to property or a busi ... a trail will mislead hunting dogs).
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor

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