Bell Rock glossary
General Partner
The partner that manages an exempted limited partnership and bears unlimited liability for its obligations.
A general partner conducts an exempted limited partnership’s business and is liable for partnership debts where partnership assets are insufficient. A corporate general partner is often used to contain that exposure at entity level. Its powers, duties and delegations depend on the Act and partnership agreement. Investment management may be delegated, and carried interest may be allocated to a separate vehicle; neither function should automatically be attributed to the general partner.
Related guidance
Limited Partnership Agreement · Limited Partner
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