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

Eurie Kim, general partner at Forerunner Ventures, has a trick for this: Set up automatic transfers. Samantha Leach, Glamour, "The Only Money Hacks You Need to Save Big in 2019," 14 Jan. 2019 Several young, high-profile general partners who backed consumer companies have exited Greylock over the last few years, including Sarah Tavel, who departed for Benchmark, and Josh Elman, who decamped for the stock-trading company Robinhood. Theodore Schleifer, Recode, "An old-guard investment firm, CRV, has made a hire to compete for the new megadeals," 5 Nov. 2018 Such deals put a price on the management company of private-equity firms, which can help founding general partners with a transition in the future. Yuliya Chernova, WSJ, "Goldman Sachs to Buy $200 Million Stake in General Catalyst," 3 Dec. 2018 Sarah Guo has been promoted to general partner at Greylock, making her both the youngest and only female investor with the title. Valentina Zarya, Fortune, "David Letterman, Uber, Twitter: Broadsheet May 16," 16 May 2018 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

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

6 Feb 2019

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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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