Who is typically responsible for managing the daily operations of a partnership?

The general partner is typically responsible for managing the daily operations of a partnership. In a partnership structure, particularly a limited partnership, the general partner holds the authority and responsibility to make decisions, manage the business activities, and handle the overall operations. This includes oversight of financial matters, strategic planning, and day-to-day management activities.

The role of the limited partner, in contrast, is more passive. Limited partners typically contribute capital to the partnership but do not participate in managing the business, which limits their liability and involvement in operational decisions.

As for the terms "beneficiary" and "annuitant," they do not pertain to the context of partnerships. A beneficiary usually refers to someone who benefits from a trust or insurance policy, while an annuitant is an individual who receives benefits from an annuity contract. Neither of these roles is relevant to the management of partnership operations.