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lim·it·ed part·ner

/ˈlimədəd ˈpärtnər/

noun
- 1. a partner in a company or venture who receives limited profits from the business and whose liability toward its debts is legally limited to the extent of his or her investment.
Derivatives
- 1. limited partnership noun
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define limited partnership

Limited partnership
Form of partnership
A limited partnership (LP) is a type of partnership with general partners who have a right to manage the business and limited partners who have no right to manage the business but have only limited liability for its debts. Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability. Wikipedia
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