What is the risk associated with a general partner in a limited partnership?

In a limited partnership, the structure involves both general partners and limited partners, each with different levels of liability and responsibility. A general partner has significant obligations within the partnership, including the management and operation of the business. One of the fundamental characteristics of a general partner is that they are jointly and severally liable for the partnership's obligations. This means that if the partnership incurs debts or legal judgments, the general partner can be held personally responsible for those liabilities, not just limited to their investment in the partnership.

In contrast, limited partners enjoy limited liability, meaning they are only liable to the extent of their investment in the partnership and do not partake in day-to-day management. The other options highlight protections or limited responsibilities that apply to limited partners, which do not pertain to the role and risks associated with being a general partner. Thus, the option emphasizing the general partner's liability correctly describes the inherent risk of that role within a limited partnership.