What is a defining feature of general partners in a partnership?

General partners in a partnership are defined by their personal liability for the debts and obligations of the partnership. This means that their personal assets can be at risk if the partnership fails to meet its financial obligations. This feature is fundamental to the structure of a general partnership, distinguishing it from limited partnerships where limited partners have liability protection and are not personally liable beyond their investment in the partnership.

In addition to their personal liability, general partners often have the authority to manage the day-to-day operations of the partnership and make significant business decisions. This contrasts with limited partners, who typically do not have a say in the management and thus enjoy a degree of liability protection.

Understanding this liability structure is crucial for anyone entering into a partnership, as it directly impacts financial risk and decision-making authority within the business.