A limited partner is a member of a partnership whose role is primarily that of an investor. Their contribution is financial capital, and they do not participate in the daily management or operations of the business. Crucially, their liability for the partnership's debts and obligations is legally restricted to the amount of their capital investment. This structure protects their personal assets from being used to satisfy business debts beyond their initial contribution, which directly matches the scenario described in the question.

A. tenant in common: This is a form of real property co-ownership where individuals hold separate, undivided interests; it is not a type of business partner.

B. general partner: A general partner is actively involved in managing the business and has unlimited personal liability for the partnership's debts.

C. tenant in partnership: This term describes how a partnership, as an entity, holds title to real estate; it does not define the liability or role of an individual partner.

1. Code of Virginia, Title 50, Chapter 2.1 (Virginia Uniform Limited Partnership Act).

§ 50-73.24. Liability to third parties. This section explicitly states, "a limited partner is not liable for the obligations of a limited partnership unless he is also a general partner or, in addition to the exercise of his rights and powers as a limited partner, he participates in the control of the business." This statute directly establishes the principle of limited liability for a limited partner.

2. George Mason University, School of Business Courseware.

REAL 310: Real Estate Law. Course materials on business entities explain that a limited partnership consists of at least one general partner with unlimited liability and one or more limited partners. The curriculum specifies that limited partners are passive investors whose liability is capped at the amount of their investment.

3. Virginia Real Estate Board, Licensing Regulations.

18 VAC 135-20-180. Curriculum requirements for a principles of real estate course. The required curriculum under "F. Real estate law" mandates instruction on "forms of ownership," which includes the distinctions between general and limited partnerships, emphasizing the liability differences as a core concept for licensure.