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

Collins is a general partner of Rioco Partners, a private equity and real estate investment firm based in McAllen. Patrick Danner, San Antonio Express-News, "Vantage Bank, Inter National Bank announce merger," 11 July 2018 Patricia Nakache is a general partner at Trinity Ventures. Patricia Nakache, Fortune, "Commentary: Dick's Is Showing Us Why Companies Can't Afford to Be Cowards Anymore," 1 Mar. 2018 Katie Haun, a former federal prosecutor who advises startups on the cryptocurrency industry, will become its eleventh general partner as the firm pushes into the crypto sector full-time. Kristen Bellstrom, Fortune, "Maxine Waters, Donald Trump, #MeToo Stats: Broadsheet June 26," 26 June 2018 One of the leaders of the new fund will be the firm’s first female general partner, Kathryn Haun, a former federal prosecutor. New York Times, "With Cryptocurrencies in Free Fall, One Big Firm Doubles Down," 25 June 2018 Energy pipeline billionaire Kelcy Warren made a personal call to the CEO of NuStar Energy earlier this month looking to buy its general partner NuStar GP Holdings. Rye Druzin, San Antonio Express-News, "Energy Transfer Partners made bid to buy NuStar’s general partner," 16 Mar. 2018 Roelof Botha, a Sequoia general partner, declined to comment. Yuliya Chernova, WSJ, "Sequoia Capital Goes on Fundraising Spree," 5 Mar. 2018 That brings the possibility of relocation, which could have implications for the Suns, since managing general partner Robert Sarver wants to upgrade Talking Stick Resort Arena. Greg Moore, azcentral, "Moore: Will Vegas get an NBA team? Question more 'when' than 'whether'," 11 July 2018 Lime said Joe Kraus, a general partner at GV, would become a company board member. Daisuke Wakabayashi, New York Times, "A Taste of Lime: Uber Invests in an Electric Scooter Company," 9 July 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

4 Sep 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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