General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the business's debts and obligations.
Advantages and Disadvantages
A partnership can be a beneficial choice of business entity for legal, medical or creative professionals who want to expand their business reach. The disadvantages of being a general partner pertain to the issue of liability. General partners are jointly and severally liable for the partnership's legal obligations including contracts and personal injury suits.
General partners are required in the formation of a:
|This business-related article is a stub. You can help Wikipedia by expanding it.|