What role do general partners have in a partnership?

General partners in a partnership are essential in the management of the business and have a significant degree of responsibility. They not only take part in the decision-making and operational practices but also bear personal liability for the debts and obligations incurred by the partnership. This means that if the business faces financial difficulties or legal issues, general partners can be held personally accountable, impacting their personal assets. This dual role of management and financial liability is a defining characteristic of general partners, distinguishing them from limited partners who typically have limited involvement in operations and reduced liability. Understanding the responsibilities and risks associated with being a general partner is crucial for anyone involved in or considering a partnership structure.