What primary role do general partners play in a limited partnership?

The primary role of general partners in a limited partnership is to manage the business and assume personal liability for its debts. General partners are actively involved in the day-to-day operations, decision-making, and strategic direction of the partnership. Unlike limited partners, who typically only contribute capital and enjoy limited liability, general partners face personal liability, meaning their personal assets can be pursued to satisfy the partnership's debts. This active management role reflects their commitment and risk exposure within the partnership structure, which is essential for the operation and success of the business. Understanding this function is crucial for grasping the dynamics of how limited partnerships operate and the implications for those involved.