General Partners

General Partners

General partners control the partnership's day-to-day operations and take on the legal debts and obligations of the business. In other words, they run the business. Because the general partners are responsible for any debts or lawsuits incurred by the business, often a general partnership is structured with a corporation or LLC as the general partner, in order to protect all concerned from liability. General partners often form corporations or LLCs to protect themselves from liability.

 

Ready to Begin?

GET STARTED

Have Questions?

CHAT NOW