General partner – n : abbreviated as GP, the managing partner of a partnership, such as an LLP, or the managing entity of an LLC. In contrast, limited partners have ownership stakes in a partnership due to having contribut ed capital, but are not involved in the management of the partnership. In the case of an LLP, the general partners have limited legal liability. (Not to be confused with the job title of general partner used in some investment firms and other partnerships and LLCs.)

Example: A typical venture capital fund has the legal form of a limited liability partnership (LLP) in which investors in the fund are limited partners, and the venture capital firm that raised the fund has the legal role or designation of general partner (i.e., the VC firm is legally responsible for managing the fund’s investments).

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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