In general Limited Partnership (LP) is a form of a legal entity which includes participation and a cooperation of two partners, sharing liabilities and incomes in pursuit of a common goal. One of partners has limited liability and the other has unlimited liability. Usually the number of partners can be greater than two. Still, each is either a general partner (unlimited liability) or a limited partner (limited liability). LP in Canada can also be formed by one person being both general and limited partner. http://www.confiduss.com/en/info/blog/article/canadian-lp-application/