In a partnership, who typically makes decisions regarding the daily operations?

In a partnership, the individuals typically responsible for making decisions regarding daily operations are the general partners. General partners play an active role in the management and administration of the partnership and have the authority to make decisions that affect the operations of the business. They share in the management responsibilities, which include making strategic choices and overseeing the day-to-day activities necessary to run the partnership effectively.

Limited partners, on the other hand, are usually investors who have a financial stake in the partnership but do not participate in managing the business. They have limited liability, meaning they are only responsible for the debts of the partnership up to the amount they invested. Compliance officers focus on ensuring that the partnership adheres to laws and regulations rather than managing operations. Shareholders are not involved in partnerships; they are associated with corporations, where they own shares and have a say in corporate decisions at a more strategic level rather than day-to-day operations.