General Partner Law and Legal Definition
General Partner is a person who joins with at least one other person to form a business. Usually the general partner will be one of the owners and operators of a partnership which is a joint business entered into for profit. Often a general partner is also the managing partner, which means this person is active in the day-to-day operations of the partnership. General partners have unlimited liability and therefore is liable for all debts of partnership. The general partners usually receive a management fee and share in profits.
