Who runs the business in a limited partnership and is personally liable for all activities and debts of the partnership?

• A. Limited partner
• B. General partner
• C. Silent partner
• D. Non-licensed partner

Answer: (B)

In a limited partnership, control and liability are split between two types of partners. The person who runs the business is the general partner, and they bear unlimited personal liability for all activities and debts of the partnership. This means their personal assets could be at risk to cover obligations. Limited partners, by contrast, contribute capital and have liability limited to their investment while typically not participating in management. A silent partner is essentially a limited partner who doesn’t manage, so they also have limited liability. A non-licensed partner isn’t a standard category in this context. So the one who runs things and is personally liable is the general partner.