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Acronym for “generally accepted accounting principles.” GAAP represents a set of authoritative standards for recording and reporting accounting information in a given jurisdiction.

General Partner

In a Partnership, a partner that may have personal liability for the liabilities and obligations of the Partnership (but see Limited Liability Limited Partnership). If a Partnership is not a Limited Liability Partnership (LLP) or a Limited Partnership, its partners will be General Partners by default.

Good Faith

Acting honestly and fairly towards one’s counterparties. Similar to acting reasonably. Good Faith is also a critical component of a Director's Duty of Loyalty.

Good Standing

A corporation that has filed all annual reports, has no articles of dissolution filed and is current with all fees, taxes and penalties owed to the state in which it is Incorporated or qualified to do business as a Foreign Qualification.

Governing Law

The law that governs a particular agreement and all disputes that may arise as a result of the agreement. Governing Law is usually found in the miscellaneous section of a contract, which comes at the very end of a contract.

Growth Equity Investment

Investment in the Equity of a company that you expect to grow rapidly.

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