An LP can refer to different things depending on the context. Here are the different meanings of LP:

• LP record: An LP is an analog sound storage medium, a phonograph record format characterized by a speed of 33+1⁄3 rpm, a 12- or 10-inch diameter, use of the "microgroove" groove specification, and a vinyl composition disk. It was introduced by Columbia Records in 1948 and was soon adopted as a new standard by the entire US record industry. LPs are still used today, and they’re incredibly common across records which feature “analog” sound qualities—as opposed to the digital sounds which were later made popular by compact discs. LP music became synonymous with full-length album music which continued in the CD era. In most cases, an LP album is a 10 to 12-track album.

• Limited Partnership: An LP is a legal business structure formed with more than one business owner. An LP consists of at least one “general” partner and at least one “limited” partner. The general partner(s) manage the business and are personally liable for the business’s debts and obligations. The limited partner(s) are passive investors who contribute capital to the business but have limited liability. Most states recognize the Limited Partnership business entity type. Forming an LP involves filing a “Certificate of Limited Partnership,” a document that is similar to the articles of organization that an LLC files.

In summary, LP can refer to a vinyl record format or a legal business structure.