Law · Legal Information · Justice
 

General Partner

The individual in a limited liability partnership business structure, who oversees the management of the business, and who is personally exposed to the debts of the business.

As was succintly put by the Canadian Federal Court of Appeal in  Backman v Canada:

"In the ordinary case, a limited partnership will consist of a general partner that will control the business and limited partners who will have made financial or other contributions but who will not be actively involved in the business.

"However, that obviously does not mean that the limited partnership is not carrying on a business.

"The business is being carried on in common by all the partners, but is controlled by the general partner."

REFERENCES:

Are we missing anything? If you think there is a term that should be included, please send us the suggestion

  • Dictionary
  • Resources
  • LawMag

Latest LagMag headlines:

The Death of the Common Law: Expiry date, 2100

Just about now, but for the economic might of the United States of America, the last funeral bell tolls of the common law would be fading.

More...

Gretzky Law

The recent Phoenix Coyotes debacle, in which he left behind his job, is not the only time Wayne Gretzky has had to leave from the side exit of a courtroom.

More...

Fatal Attraction: Gambling's Dark Secret

The San Fransisco's Golden Gate bridge has competition as a choice location for suicide: your local casino.

More...


Read earlier headlines »
Subscribe to stay in touch »

Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.

top