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TeachMeFinance.com - explain general partner general partner -- a co-owner of a business who is liable for all debts and other obligations of the venture as well as for the management and operation of the partnership. A general partner can have control of the business and can take actions that are binding on the other partners. historic definition... General partner -- An active partner; one who participates in profits and is liable for debts. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.