What is a limited partnership? What will be an ideal response?

QUESTION

What is a limited partnership?

What will be an ideal response?

ANSWER

Answer: A limited partnership has at least one general partner plus other limited partners who invest in the company but do not have any say in the management of the company or any liability in the company.
Explanation: A limited partnership has one or more general partners plus other, limited partners who contribute only an investment but do not have any management responsibility or liability. That is, limited partners have limited liability, which is based on the amount they have invested in the company.