what is a limited partnership lp 
a limited partnership lp is a business owned by two or more parties these must include at least one general partner who runs the business and has unlimited liability for any debts the limited partners have liability only up to the amount of their investment a limited partnership is different than a limited liability partnership llp the limited partnership business structure is often used as a vehicle for individuals who pool their money to invest in real estate or other assets madelyn goodnight investopedia