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Simple English definitions for legal terms

general partner

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A quick definition of general partner:

A general partner is a person who is part of a business with one or more other people. They share the profits and are responsible for any losses. General partners can use their own money to finance the business and can take their money out at any time by ending the partnership. Each partner has the power to make decisions for the business, but they can also be held responsible for any mistakes made by other partners. If a partner does something wrong and causes a problem for someone outside of the partnership, the whole partnership is responsible. However, if someone knows that a partner doesn't have the power to make a decision and they go ahead and do it anyway, the partnership isn't responsible.

A more thorough explanation:

A general partner is a person who is part of a business with one or more other people. The purpose of the business is to make a profit, and this creates a general partnership. General partners have unlimited personal liability, which means they can be held responsible for the actions of other general partners. They use their own personal resources to finance the partnership, which makes it easy for them to get money. They can also withdraw their investment at any time by ending the partnership.

Each general partner has the power to make decisions for the partnership. For example, they can buy things that the partnership needs for its business. All general partners have equal control and voting power, but they can change this if they want to.

If one general partner does something wrong during the normal course of business, the other partners can be held responsible for it. This means that if the partnership has to pay a penalty or loses money because of one partner's mistake, all the partners are responsible for paying it back. However, if the partner who made the mistake didn't have the authority to make that decision, and the other person knew that, then the partnership isn't responsible for it.

John and Jane are general partners in a bakery. They both put in money to start the business, and they both make decisions about what to sell and how to run the bakery. One day, John accidentally puts too much salt in the bread dough, and all the bread tastes terrible. The bakery has to throw away all the bread and loses a lot of money. Because John is a general partner, Jane is also responsible for paying back the money the bakery lost. However, if John had made the bread without Jane's knowledge and she didn't give him permission to do it, then she wouldn't be responsible for the loss.

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texaslawhopefully
22:30
@KnowledgeableRitzyWasp: That all sounds great. It sounds like it has fairly diverse cuisine for a smaller city
yeah there are so many good cuisines in ithaca
renard99
22:31
@lilypadfrog: that’s a pity I’da be liking them all
texaslawhopefully
22:31
Only food I’m going to miss for sure if I leave Texas is texmex
22:31
waspy hasnt had thai food in ithaca yet. ithaca thai is so good
^^^^ truuuuuu
22:32
there are two major thai places and they have very similar names bc a divorced husband and wife own them lol
22:32
personally i think taste of thai is better than taste of thai express but thats just me
i had pho tho and it was really good and huge portions
texaslawhopefully
22:32
Glad they have good Thai food, I love Thai food! Can’t wait to visit :)
22:33
when tex goes to ithaca i want to come
Dkk
22:34
Crying Tiger, best Thai dish.
damn im so hungry all i had today was a curry tonkatsu and buldak
and it was a lil baby noodle cup
vvv hungry
22:36
curry tonkatsu so yummeh
22:36
whats even open rn? pizza?
CTB is it i think
22:37
is collegetown pizza not open
22:37
i used to get a slice from there or wings over at like 1am after my shift at the restaurant
Dkk
22:48
Ross Ulbricht free. God Bless Trump. Huge win.
JeremyFragrance
22:54
agreed
texaslawhopefully
22:55
This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/
Dkk
23:01
I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.
ross ulbricht tried to hire a hitman to kill 5 people
i am not that sympathetic to him
Dkk
23:04
@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.
Dkk
23:05
Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.
texaslawhopefully
23:05
@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.
Dkk
23:06
Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.
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