Which of the following best describes a limited partnership?

A limited partnership is a specific type of partnership that includes both general partners and limited partners. The defining characteristic of a limited partnership is that some partners have limited liability, which means they are only liable for the business debts up to the amount of their investment in the partnership. This arrangement protects limited partners from personal financial risk beyond their contributions.

In a limited partnership, the general partner typically manages the business and assumes unlimited liability for debts, while the limited partners have no role in the day-to-day management and are not personally responsible for the partnership's liabilities beyond their investment. This structure allows for capital investment from limited partners who may not want to take an active role or face personal financial risk related to the partnership’s obligations.

This understanding of the roles within a limited partnership effectively highlights why the option identifying limited liability for some partners is the correct description of such an entity.