General Partner – Florida Mismanagement, Breach of Fiduciary Duty or Breach of Contract – Commercial and Business Litigation and Arbitration Attorney:

General Partner:

1.  One of two or more partners who are jointly and severally responsible for the debts of the partnership.

2.  Managing partner of a “Limited Partnership,” who is responsible for the operations of the partnership and, ultimately, any debts taken on by the partnership.  The general partner’s liability is unlimited.  In a real estate partnership, the general partner will pick the properties to be bought and will manage them.  In an oil and gas partnership, the general partner will select drilling sites and oversee drilling activity.  In return for these services, the general partner collects certain fees and often retains a percentage of the ownership in the partnership.

Please keep in mind that the information being provided in this post is for educational purposes only.  It is not designed to be complete in all material respects.  Thus, it should not be relied upon as legal or investment advice.  If you have any questions concerning this post, the reader should consult a qualified professional.

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At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.