Definition:
All business partnerships have at least two partners. Some business partnerships have more than one kind of partner, including general partners, and limited partners.
A general partner owns part of a business with at least one other partner. A general partner has legal rights to benefit from income and profits, but also has unlimited legal liability for the debts of the partnership.
A general partner is actively involved in the day-to-day decisions and operations of the partnership.
Examples:
As a general partner, Sarah Miller worked hard marketing the business, knowing she would benefit from profits earned.
