The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a
Answer Details
The partner who is actively involved in the management of the firm and assumes personal responsibility for the firm's debts is a General Partner. A General Partner has an active role in making decisions, running the day-to-day operations, and has unlimited liability, meaning they are personally responsible for the debts of the firm. On the other hand, a Limited Partner has limited liability, meaning their personal assets are not at risk if the firm cannot pay its debts. A Sleeping Partner is a passive investor who provides capital but does not participate in the management of the firm. A Quasi Partner is a term not commonly used in the business world.