limited partnership (LP)A partnership registered in accordance with the Limited Partnerships Act 1907. An English limited partnership is basically the same as a general partnership, save that alongside one or more general partners who have responsibility for managing the business of the partnership, through registration, certain partners elect not to take a positive role in the operation of the limited partnership in exchange for receiving limited liability (referred to as limited partners).+ limited partnership (LP)USAA form of partnership with a general partner with unlimited liability that manages the business and limited partners with limited liability but typically no right to manage the business. venture capital funds are often established as limited partnerships.Related terms
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.