3 hrs confidence: general partner sócio ostensivo / associante
Explanation: There is a lack of context as to the nature of the partnership in question. However the term General Partner suggests that the partnership in question is a so-called silent partnership. In simple terms, in a silent partnership there is a general partner that runs the business and who has unlimited liability for the partnership debts and a silent partner, who is a mere investor, whose liability is limited to the amount of his/her investment. There are two candidate "figuras" in Brazilian/Portuguese law with a status more or less equivalent to a silent partnership. The first, as Dayane implies, is a sociedade em comandita, which trades under corporate name (& Cia.) and in which there are two types of sócios: the sócios comanditados (general partners), who have unlimited liability for the company's debts, and sócios comanditários (silent partners) whose liability is limited to the amount of their investment. Unlike a silent partnership a sociedade em comandita has a legal/corporate personality. The second candidate "figura" which is called a "sociedade em conta de participação" in Brazilian law, and an "associação em participação" in Portuguese law and which, like a silent partnership, does not have a legal/corporate personality. In a sociedade em conta de participação/associação em participação, there are also two types of sócios, which are referred to in Brazilian law as socios ostensivos (general partners) e sócios ocultos (silent partners) and in Portuguese law as the associantes (general partners) and the associados (silent partners). A sociedade em conta de participação/associação em participação normally trades under the name(s) of the sócio(s) ostensivo(s)/associante(s). So for Brazil: sócio ostensivo For Portugal: associante For Brazilian law see Vocabulário Jurídico, De Plácido e Silva, 28ª Edição páginas 1305 - 1306. For Portuguese law see Decreto-Lei 231/81, de 28 de Julho, arts 21 - 32. https://dre.pt/pesquisa/-/search/579479/details/normal?jp=tr...
| Mark Robertson Local time: 13:32 Specializes in field Native speaker of: English PRO pts in category: 36
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7 hrs confidence: general partner member of a business partnership who has unlimited liability for debts incurred by the business
Explanation: a member of a business partnership who has unlimited liability for debts incurred by the business.
-------------------------------------------------- Note added at 7 hrs (2020-09-15 02:27:08 GMT) --------------------------------------------------
What Is a General Partner? A general partner is one of two or more investors who jointly own a business and assume a day-to-day role in managing it. A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business.
| David Hollywood Local time: 10:32 Native speaker of: English PRO pts in category: 8
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11 hrs confidence: Partner of its duties as trustee under this Trust Agreement
Explanation: As it is mentioned that "General Partner of its duties as trustee under this Trust Agreement", one have to read it as single sentence or phrase, as in trust act liabilities of trustees are unlimited (much more than in partnership) as there is lot of compliances to be meet by a trust and trustees as well. so here general partner will mean "a partner responsible for trust only as per provisions of trust deed and not otherwise". This will limit duties of partner, no doubt other provisions of trust deed will also apply.
| Pallavi Mehta India Local time: 19:02 Specializes in field Native speaker of: Gujarati
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5 mins peer agreement (net): +1 |
| Reference: Definition
Reference information: A general partner is one of two or more investors who jointly own a business and assume a day-to-day role in managing it. A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business.
https://www.investopedia.com/terms/g/generalpartner.asp#:~:text=What%20Is%20a%20General%20Partner,permission%20of%20the%20other%20partners.
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| Reference: general partner
Reference information: general partner n. 1) usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits, and, most importantly, the liability for debts is shared by the general partners. Anyone entering into a general partnership (the most common business organization involving more than one owner) must remember that each general partner is liable for all the debts of the partnership. Furthermore, any partner alone can bind the partnership on contracts. For example, Joe Doright and Sam Sleazeball are partners in a retail store. Sleazeball runs up a large American Express card bill in the name of the company while on a toot in Las Vegas, contracts for purchase of $30,000 worth of maxi-dresses which are out of fashion, and then takes off with a girlfriend for Tahiti. Doright is responsible for the entire debt. 2) in the 40 states which recognize limited partnerships, the managing partner (or partners) operate the partnership and are liable for its debts beyond the value of the investments by limited partners. The general partners usually receive a management fee and share in profits. Limited partners are prohibited by law from participating in management, can lose more than their investments, and get less than the general partners of unusually high profits. (See: partnership, partner, limited partnership) Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved. https://legal-dictionary.thefreedictionary.com/general partn... There is clearly NO AUTOMATIC LINKS between the existence of "general partners" and "limited partners" - what is more, in USA, in 10 states (50-40) a partnership is forbidden from including "limited partners" - in these 10 states that possibility doesn't even exist! There ALWAYS MUST BE at least one "general" partner but it may well happen that there is NOT A SINGLE ONE "limited" partner. So basis of what are we to assume that there is ANY "limited partner" in this ST???
| Daryo United Kingdom Specializes in field Native speaker of: Serbian, French
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