Florida NASCLA Contractors Practice Exam 2026 – Complete Prep Guide

In a Limited Partnership, the management team is composed of general partners. General partners have the authority to manage the day-to-day operations of the partnership and are responsible for making key business decisions. They are fully liable for the debts and obligations of the partnership, which differentiates them from limited partners who generally invest in the partnership but do not have a role in its management and have liability limited to their investment.

Limited partnerships typically do not rely on a Board of Directors, as this structure is more commonly associated with corporations, where directors oversee the company's business and make major decisions. While an owner might be involved in a business venture, the term is too broad and does not accurately reflect the specific roles within a Limited Partnership. Similarly, a manager may be a role in some business structures, but in the context of a Limited Partnership, it is the general partners who hold the authority and responsibility for management.