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An LLLP — limited liability limited partnership — is a newer type of legal entity your business can choose as its legal structure. It’s a hybrid of other types of business entities, but it ...
The LLLP (limited liability limited partnership) business entity is not nearly as common as LLCs in the field of asset protection, but it certainly can be a useful tool under the right set of circumstances. Limited Partners in LPs. At its core, the LLLP is a limited partnership. Generally, limited partnerships have two parties: the limited ...
An LLLP, however, does. An excellent way to think of the difference and to help you understand how the two are different from one another is to view an LLP as a general partnership that takes on various types of limited liability protections. An LLLP, on the other hand, does take on limited liability protection, but it's a limited partnership.
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