Information about Limited liability limited partnership

Business law

Business organizations
Basic forms:
Sole proprietorship
Corporation
Partnership (General · Limited · LLP)
Cooperative
USA:
Business trust · LLC · LLLP Delaware corporation Nevada corporation
UK/Commonwealth:
Limited company (By shares · By guarantee) (Public · Proprietary)
Civil law countries:
AB · AG · ANS · A/S · GmbH
K.K. · N.V. · OY · S.A.
European Company Statute
Doctrines
Corporate governance
Limited liability · Ultra vires
Business judgment rule
De facto corporation and corporation by estoppel
Piercing the corporate veil
*Related areas of law*
Contract · Civil procedure

The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership, a form of business entity recognized under U.S. commercial law. Like a limited partnership, an LLLP is a limited partnership and as such consists of one or more general partners and one or more limited partners. The general partners manage the LLLP, while typically the limited partners only have a financial interest.

The difference between an LLLP and a traditional LP is with respect to the general partner's liability for the debts and obligations of the limited partnership. In a traditional limited partnership the general partners are jointly and severally liable for the debts and obligations of the limited partnership; limited partners are not liable for those debts and obligations beyond the amount of their respective capital contributions.

In an LLLP, by having the limited partnership make an election under state law, the general partners are afforded limited liability for the debts and obligations of the limited partnership that arise during the period that the LLLP election is in place. Certain LLLP elections take the form of the limited partnership electing to be a limited liability partnership (this is the format used in, for example, Delaware) while in other states the election is made in the certificate of limited partnership (examples being Florida, Hawaii and Kentucky). Most states require that a LLLP identify itself in its name, but those requirements are not universal.

Because the LLLP is so new, its use is not widespread. Colorado, Delaware, Florida, Georgia, Maryland, Nevada, Texas and Kentucky all have adopted statutes that allow for the formation of LLLPs, usually as a conversion of an existing LP (the general partners might want to do this to reduce their legal liability).

The filing fees of a LLLP vs. a Limited Partnership are at times higher. In the case of Nevada, the Secretary of State charges $75 to register a limited partnership and $100 to register an LLLP. Additionally, the initial and annual report filing for an LLLP in Nevada is $175 vs. $125 for a Limited Partnership. Conversely, in Kentucky the filing fee for a limited partnership is no higher if the partnership elects to be a LLLP.

LLLPs are most common in the real estate business, although other businesses can use the form as well, for example, CNN. There exist significant questions regarding whether the limited liability provided general partners by the LLLP election will be effective in states that do not have an LLLP statute. [1]

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Companies law
Basic forms:
Sole proprietorship
Partnership
(General Limited LLP)
Corporation
Cooperative
United States:
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Companies law
Basic forms:
Sole proprietorship
Partnership
(General Limited LLP)
Corporation
Cooperative
United States:
Business trust LLC LLLP
Series LLC
Delaware corporation
Nevada corporation
United Kingdom / Commonwealth / Ireland:
..... Click the link for more information.

Business law
Business organizations
Basic forms:
Sole proprietorship
Corporation
Partnership
(General · Limited · LLP)
Cooperative
USA:
Business trust · LLC · LLLP
Delaware corporation
Nevada corporation
UK/Commonwealth:
Limited company
..... Click the link for more information.

A cooperative (also co-operative or co-op) is defined by the International Co-operative Alliance's Statement on the Co-operative Identity as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and
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worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.

Business law
Business organizations
Basic forms:
Sole proprietorship
Corporation
Partnership
(General · Limited · LLP)
Cooperative
..... Click the link for more information.

For other uses of "civil law", see civil law.

Civil law or Continental law or Romano-Germanic law is the predominant system of law in the world. Civil law as a legal system is often compared with common law.
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Limited Liability Limited Partnership

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