General Partner

General Partner

General Partner means, in a partnership, a partner whose liability is not limited. All partners in an ordinary partnership are general partners. A limited partnership must have at least one general partner and at least one limited partner. As a general rule, partners include on their personal tax returns their share of partnership income, loss, and deductions. Contrast limited partner.

U.S. and other Developed Countries International Tax Meaning

In a partnership, a partner whose liability is not limited. All partners in an ordinary partnership are general partners. A limited partnership must have at least one general partner and at least one limited partner.

Description and Definition of General Partner

All partnerships must have at least one general partner. A general partner is a partner whose liability is not limited. General partners are usually liable for all of their partnership's debts. A general partner is usually involved in the day-to-day operations and management of the business.

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