Who is authorized to act as a partner in a business and represents themselves as such?

The individual who is authorized to act as a partner in a business and represents themselves as such is typically a general partner. General partners have full management control over the business and are personally liable for the debts and obligations of the partnership. They actively engage in the decision-making processes and have a fiduciary duty to act in the best interests of the partnership.

In contrast, silent partners typically invest in the business but do not participate in its day-to-day operations or management, relying on other partners to handle the business without giving input into management decisions. Limited partners, on the other hand, are similar, as they contribute capital but are not involved in management and also enjoy limited liability, meaning their personal assets are generally protected from business debts beyond their investment. The managing partner has a similar role to a general partner but is specifically tasked with the day-to-day management responsibilities and may represent the partnership in dealings outside the firm. The distinction lies in their active role in management and potential personal liability, which defines the general partner's position in the partnership structure.