Is a managing partner an owner?

This position exists within companies structured as partnerships and limited liability companies (LLC). They play a more active role than other partners, including general, nominal, or silent partners.

A managing partner functions similarly to a CEO, as these professionals implement and manage strategies that promote their organization's mission and vision. While a CEO reports to a board of directors, the managing partner reports to an executive committee of other partners for approval.

The managing partner collaborates with this committee or takes their direction to set organizational goals. This professional ensures that the business meets these goals and operates smoothly.

Some managing partner ownership responsibilities include:

• Setting organizational strategies and goals

• Implementing organizational policies and procedures

• Monitoring day-to-day business operations

• Reviewing financial activities, including accounting tasks, budgets, financial statements, and reports

• Overseeing hiring and firing activities, along with payments and evaluations

• Ensuring the business complies with relevant laws and regulations

• Assessing organizational and personnel performance, implementing changes as needed for improvements