General partner

A general partner is a member of a partnership who has unlimited liability for the obligations of the business. Unlimited liability means that creditors of the partnership can access the personal assets of the general partner. This person usually has management responsibility for the firm, being closely involved in its daily operations. There can be several general partners in a partnership; a general partnership consists entirely of general partners.

The general partner title is commonly used in a limited partnership arrangement, where there are several limited partners who have limited liability, and a general partner who manages the organization.

Related Courses

Partnership Accounting 
Partnership Taxation