| a partner with unlimited liability for the debts of the partnership. |
General Partner
A partner in a business who has unlimited liability.
Investopedia Commentary
If a general partner is ever required to meet the partnership's obligations, even his or her personal assets may be subject to liquidation . Often a general partner is also the managing partner, which means this person is active in the day-to-day operations of the partnership. In the case of a limited partnership, only one of the partners will be the general partner and have unlimited liability. The other partners will have limited liability, so their personal assets would not be at risk.
See also: Joint Venture, Limited Partnership, Master Limited Partnership, Partnership, Silent Partner, Sole Proprietorship, Strategic Alliance
Also spelled: GP
