Who typically manages a limited partnership?

In a limited partnership, the general partners are responsible for the management and operation of the partnership. This structure is designed to limit the liability of limited partners to their investment in the partnership, while allowing general partners to have full control over the business decisions and day-to-day management.

General partners have the authority to make binding decisions on behalf of the partnership, enter contracts, and handle all financial obligations. In contrast, limited partners typically do not have involvement in managing the business, which helps shield them from personal liability beyond their investment.

This arrangement reflects the core principle of a limited partnership, where the general partners leverage their managerial skills and expertise, while limited partners take a more passive role, typically offering capital or resources without getting involved in the operational aspects. Understanding this dynamic clarifies why only the general partners manage the partnership, making this the correct answer.