A Limited Partnership is a business structure that includes at least one general partner and one limited partner. The general partner manages the business and is personally liable for its debts, while the limited partner contributes capital but has limited liability, meaning they are only responsible for the amount they invested. This arrangement allows investors to participate in a business without taking on full risk. In a Limited Partnership, the general partner often handles day-to-day operations, while the limited partner typically takes a more passive role. This setup is common in industries like real estate and private equity, where investors want to support a project without being involved in its management.