What is a key characteristic of limited partners in a limited partnership?

In a limited partnership, one of the defining characteristics of limited partners is that they typically enjoy limited liability, which means their financial responsibility for the debts of the partnership is limited to the amount of their investment. This protection encourages individuals to invest without the risk of losing personal assets beyond their investment in the partnership.

Additionally, limited partners do not participate in the day-to-day management or operational decisions of the partnership. This separation helps safeguard their limited liability status, as engaging in management activities could subject them to the same liabilities as general partners. Therefore, the key characteristic highlighting their role is that they have limited liability and do not partake in management, which aligns perfectly with the correct answer.