General Partner at Legal Glossary

What is it? A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporations owners), is personally liable for all the businesss debts and obligations. A general partners actions can legally bind the entire business. See also partnership, limited partnership.

Law Definition Added By: Gracie

Send To Friends!

If you'd like to send the General Partner definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -

We hope you now understand the meaning of General Partner. If you need any more information on this term, please don't hesitate to contact us.

Other Similar Legal Terms:

Law Terms declaratory judgment is A court decision in a civil case that tells the parties what their rights and responsibilities are, without awarding damages or ordering them to do anything. Unlike most court cases, where the plaintiff asks for damages or other court orders, the plaintiff in a declaratory judgment case simply wants the court to resolve an uncertainty so that it can avoid serious legal trouble in the future. Courts are usually reluctant to hear declaratory judgment cases, preferring to wait until there has been a measurable loss. But especially in cases involving important constitutional rights, courts will step in to clarify the legal landscape. For example, many cities regulate the right to assemble by requiring permits to hold a parade. A disappointed applicant who thinks the decision-making process is unconstitutional might hold his parade anyway and challenge the ordinance after hes cited; or he might ask a court beforehand to rule on the constitutionality of the law. By going to court, the applicant may avoid a messy confrontation with the city -- and perhaps a citation, as well.

Law Terms sexual harassment is Unwelcome sexual advances or conduct on the job that creates an intimidating, hostile or offensive working environment. Sexual harassing behavior ranges from repeated offensive jokes to a workplace full of pornography to outright sexual assault. Sexual harassment is prohibited by the federal Civil Rights Act of 1991 as well as state laws.

Law Terms forbearance is Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrowers payments.

Law Terms appellate court is A higher court that reviews the decision of a lower court when a losing party files for an appeal.

Law Terms incompatibility is A conflict in personalities that makes married life together impossible. In a number of states, incompatibility is the accepted reason for a no-fault divorce. Compare irreconcilable differences; irremediable breakdown.