In a limited partnership, who typically manages day-to-day operations and may have unlimited liability?

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In a limited partnership, the everyday management of the business is handled by someone who also takes on personal risk for the partnership’s obligations. This is the general partner. The general partner run operations, make decisions, and, unlike the other investors, has unlimited personal liability for debts and losses of the partnership. The other type of investor, the limited partner, contributes capital and shares in profits but typically does not participate in management and has liability limited to the amount they invested. The board isn’t a standard element of a limited partnership, and while a separate manager could be designated in some arrangements, the role that both manages day-to-day affairs and bears unlimited liability is characteristic of the general partner.