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LLLP (Limited Liability Limited Partnership)

By IncNow | Published October 19, 2013

The LLLP is a sub-set of Limited Partnership similar to a traditional Limited Partnership (LP) where the ownership is divided into two categories: Limited Partners (passive investors without management authority with limited liability) and General Partners (Managers). The difference between an LP and a LLLP is that in an LP, the General Partner has limited liability, not personal liability. Creating an LLLP begins with the filing of a Certificate of Limited Partnership, which in turn, makes the election to be a limited liability limited partnership. Modernly, after the development of the LLC Act, most prefer the simplicity of the LLC to the complexity and higher annual state fees of the LLLP.

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