Final answer:
Limited partners do not control the day-to-day operations of a venture; only general partners do. Limited partners have limited liability and contribute financially, while general partners handle management and are personally liable for business debts and actions.
Step-by-step explanation:
The limited partners in a venture do not share control of the day-to-day operations with the general partners. The structure of a general partnership entails that all partners may be equally involved in the management and have a say in the decision-making process. However, an important distinction arises in the case of a limited liability partnership (LLP). In an LLP, limited partners are essentially investors whose liability is restricted to the extent of their investment in the company. They do not manage the daily business affairs, a role which is solely reserved for general partners.
Thus, limited partners are protected from losing personal assets beyond their investment in the event of bankruptcy or other financial failures of the business. This contrasts with general partners, who can face personal liability for the partnership's debts and actions of other partners. For example, if one partner in a general partnership makes unauthorized decisions, all partners might be held liable. In contrast, the structure of limited partnerships protects limited partners from such responsibilities, provided they do not step into a managerial role.
Therefore, the assertion that limited partners in a venture share control of day-to-day operations with the general partners is false. Their roles are largely confined to investment and they do not partake in the active management of the business, which is one of the major attractions for investors looking for limited liability without the responsibility of running a business.