An LP is a business unit in the form of a Limited Partnership consisting of one or more general partners who are fully liable for the partnership's debts and whose responsibilities include the day-to-day management of the company, and one or more limited partners who are not involved in management. The General Partner may be an individual or an entity, such as a corporation, and they have full rights to manage the business, including all of its operations. The limited partners do not participate in any way in the management of the business entity or its property.