The <P> element indicates a paragraph. The exact indentation, leading space, etc. of a paragraph is not specified and may be a function of other tags, style sheets, etc.
Typically, paragraphs are surrounded by a vertical space of one line or half a line. The first line in a paragraph is indented in some cases.
Example of use:
<H1>This Heading Precedes the Paragraph</H1> <P>This is the text of the first paragraph. <P>This is the text of the second paragraph. Although you do not need to start paragraphs on new lines, maintaining this convention facilitates document maintenance.</P> <P>This is the text of a third paragraph.</P>