general partner

noun

Definition of general partner 

: a partner whose liability for partnership debts and obligations is unlimited

Examples of general partner in a Sentence

Recent Examples on the Web

It will be co-led by Andreessen partner Chris Dixon and new general partner Katie Haun, a former federal prosecutor best known for her work against corrupt agents tied to the Silk Road drug market. Polina Marinova, Fortune, "Why the Structure of Andreessen Horowitz’s New $300 Million Crypto Fund Matters," 26 June 2018 Benchmark general partner Bill Gurley, one of Uber's first major investors, has expressed skepticism about the scooter-sharing business, arguing that maintenance, charging and in particular insurance could prove costly. Eric Newcomer, latimes.com, "Bird races to become the first scooter billion-dollar 'unicorn'," 29 May 2018 Heiman was not a general partner, but Greylock is a small team with fewer than a dozen investors. Theodore Schleifer, Recode, "An old-guard investment firm, CRV, has made a hire to compete for the new megadeals," 5 Nov. 2018 His father is the managing general partner of NorAngel Investments in Portland and teaches the foundation of strategy and venture finance at Portland State University. New York Times, "Jennifer Rigterink, Andrew Kingsley," 3 June 2018 Another even bigger shakeup was right around the corner as a month later, Colangelo was forced to resign from his position as managing general partner in a power struggle with his partnership group, namely Ken Kendrick. Bob Mcmanaman, azcentral, "Arizona Diamondbacks Chapter Two: Purple Haze 2003-2007," 26 Mar. 2018 Charles Moldow, a general partner at Foundation Capital, said that his firm advises Grabr and sees the potential in Grabr’s business model, but Grabr’s management is ultimately responsible for legal compliance. Andrea Fuller, WSJ, "Travelers Profit by Skirting Customs When Using Delivery Apps," 29 Oct. 2018 In just 72 hours, Doug Perry, general partner of The Buy-Out Company, and a group of about 100 volunteers worked to renovate this home with seriously impressive results. Rebecca Shinners, Country Living, "How a House Flip is Helping a Sick Little Boy in Colorado," 16 July 2015 Fagnan, the founder and general partner of seed-stage venture capital firm Accomplice, is well known in the Boston startup ecosystem. Polina Marinova, Fortune, "DraftKings’ First Investor: ‘You’ll See DraftKings as a Public Company’," 4 Apr. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'general partner.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of general partner

1887, in the meaning defined above

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Last Updated

11 Dec 2018

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The first known use of general partner was in 1887

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More Definitions for general partner

general partner

noun

Financial Definition of general partner

What It Is

A general partner is a member of a partnership that can incur debt or obligations on behalf of the partnership and is personally liable for those debts or obligations.

How It Works

In some partnerships, all the partners are general partners, and they are all liable for the debts and obligations of the business. In other partnerships, some of the partners are general partners and others are limited partners. In those cases (called limited partnerships, or LPs), one or a handful of general partners manage the day-to-day operations of the business and are personally liable for the business's debts.

Unlike general partners, limited partners have no daily management role, cannot encumber the business, and are not personally liable for the business's debts. Instead, they receive a share of the firm's profits in exchange for their capital investments, and usually the worst that can happen is that the value of their investment falls to zero. Limited partners who take managerial roles could be considered general partners in the eyes of the law.

Why It Matters

General partners bear the lion's share of the risk in a partnership. They must make important decisions about the company, and they must be prepared to forfeit their personal assets in a worst-case scenario. Day-to-day management and risk burdens are two reasons general partners usually receive management fees in addition to large percentages of the partnership's profits.

Source: Investing Answers

general partner

Legal Definition of general partner 

see partner

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