Who acts as an agent for a limited partnership in its activities?

In a limited partnership, the general partner holds a crucial role as they are responsible for managing the day-to-day operations and decisions of the partnership. This includes acting as the agent for the partnership, meaning they can enter into contracts, make business decisions, and represent the partnership in dealings with third parties.

The limited partner, on the other hand, typically contributes capital to the partnership but does not participate in management or act as an agent. Their liability is also limited to their investment, which protects them from personal liability beyond that amount.

A trustee, while potentially involved in certain business structures or fiduciary roles, does not act as an agent of a limited partnership in the general sense. Similarly, a managing partner typically refers to a partner who has a more active role in a general partnership context rather than a limited partnership setting. Thus, the general partner is indeed the key figure who acts as the agent for a limited partnership, making them a vital part of its function and legal identity.