A Limited Partnership is a business structure that consists of 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. Limited partnerships are often used in industries like real estate and film production, where investors want to support a project without being involved in daily operations. This structure can attract more capital while protecting investors, making it a popular choice for many entrepreneurs.