Global Definitions Database

Sometimes referred to as Managing Member, an entity or person who joins with at least one other entity or person to form a partnership. The general partner, bound by the terms of the partnership agreement, is responsible to act on behalf of business without having to seek agreement from the limited partners for the day to day operational activities and the authority to legally bind the partnership. The general partner may or may not be monetarily invested in the partnership, but generally has unlimited liability for the financial obligations of the partnership.