General Partner Legal Meaning and Definition

Here is a simplified definition of the legal term General Partner.

(n) General Partner

A general partner is a person who takes part in a partnership agreement, willingly sharing both the responsibilities and the financial liabilities of the partnership business. This means they are fully responsible to cover the debts and obligations of their business, but they also participate in the management and operation of the business. Their liability is not limited, so their personal assets could be at risk if the business faces financial troubles.