{"ok":true,"canonical_url":"https://dealroom.so/glossary/general-partner","api_url":"https://dealroom.so/api/public/glossary/general-partner","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"general-partner","term":"General partner","group":"People and paperwork","definition":"An owner in a partnership with full personal liability for the business's debts and obligations, and active management authority. This structure exposes personal assets to business risk.","what_it_means":"While less common in 7(a) acquisitions than LLCs or corporations, if you're buying into a general partnership, understand the liability implications. As a general partner, you'd be personally responsible for all business debts, which is a significant risk beyond your equity injection. Most buyers prefer structures that limit personal liability.","url":"https://dealroom.so/glossary/general-partner","official_sources":[],"related":[{"slug":"limited-partner","term":"Limited partner","url":"https://dealroom.so/glossary/limited-partner"},{"slug":"unlimited-liability","term":"Unlimited liability","url":"https://dealroom.so/glossary/unlimited-liability"},{"slug":"personal-liability","term":"Personal liability","url":"https://dealroom.so/glossary/personal-liability"},{"slug":"partnership","term":"Partnership","url":"https://dealroom.so/glossary/partnership"}],"related_questions":[{"question":"How does the SBA differentiate between a general partner and a limited partner for personal guaranty requirements?","url":"https://dealroom.so/for-lenders/questions/how-does-the-sba-differentiate-between-a-general-partner-and-a-limited-partner-for-persona"},{"question":"Can an SBA 7(a) loan be used for general business expansion?","url":"https://dealroom.so/sba-loans/basics/can-an-sba-7-a-loan-be-used-for-general-business-expansion"},{"question":"What are the general collateral requirements for an SBA 7(a) loan?","url":"https://dealroom.so/for-lenders/questions/what-are-the-general-collateral-requirements-for-an-sba-7-a-loan"},{"question":"What is the SBA's general requirement for lien position on business collateral?","url":"https://dealroom.so/for-lenders/questions/what-is-the-sba-s-general-requirement-for-lien-position-on-business-collateral"},{"question":"What are the general credit score expectations for an SBA 7(a) loan applicant?","url":"https://dealroom.so/sba-loans/basics/what-are-the-general-credit-score-expectations-for-an-sba-7-a-loan-applicant"},{"question":"Can an SBA 7(a) loan be used for general business expenses like ongoing rent?","url":"https://dealroom.so/sba-loans/basics/can-an-sba-7-a-loan-be-used-for-general-business-expenses-like-ongoing-rent"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — General partner","url":"https://dealroom.so/glossary/general-partner","source_type":"DealRoom Data"}}