Final answer:
A limited partner is the partner who is liable for the payment of partnership debts to the extent of his separate property after the partnership assets are exhausted.
Step-by-step explanation:
A partner who is liable for the payment of partnership debts to the extent of his separate property after the partnership assets are exhausted is called a limited partner. In a limited partnership, there are both general partners and limited partners. General partners have unlimited personal liability for the partnership's debts and obligations. However, limited partners have limited liability and are only liable to the extent of their investment in the partnership.