What is the difference between a Limited Liability Partnership and a Limited Liability Limited Partnership?
In 1995, new legislation allowed general partnerships to register with the Secretary of State as limited liability partnerships. By statute, the partnership becomes a reporting entity and is subject to annual reporting requirements after the general partnership registers with the Secretary of State as a limited liability partnership. A limited partnership on record with the Secretary of State may register as a limited liability limited partnership. A limited liability limited partnership is required to file an annual report.
