What is the full form of GP ?

Answer:

Gp Definition: GP Full Form: General partner

Gp Description:
The full form of GP is General partner or General Partnership.
The general partner is a partner or member in a partnership who also has unlimited liability. This general partner is also liable for their portion of all the debts of the partnership.
The general partner is also called a member of the managing team or managing member and one of the members who are actively responsible for the partnership of management.
However, it’s not important to have just one general partner as there can be more than one general partner in any partnership.
All the members in a general partnership is a general partner. It indicates that all of these partners have unlimited liability for the activities of the partnership.
Because of this, a customer of that business can not only sue the partnership business but also to all the general partners for their personal assets. In this case, the general partners can lose all of their business assets as well as their business.
So a general partner holds the authority to take actions on behalf of the business even without any permission of other partners. The general partner or GP also shares the responsibilities and expenses of business operations as well as GP holds shares in the profit of the business.

The work of a general partnership is arranged with two or more general partners. These general partners are professionals in different entities. These general partners or professionals bring skills and specialized knowledge to the partnership and they contribute to its pool of contacts as well as clients.
The biggest disadvantage of being a general partner in a general partnership is that if one general partner is found to be guilty or being sued then all the other general partners are also held responsible in that case. So all the general partners can be sued and they have to share the financial responsibility also.
For instance, if in a medical general practice which is a general partnership a client