What is the difference between a limited partnership, a limited liability partnership, and a limited liability limited partnership?
A limited partnership is a statutory entity created by filing a certificate of limited partnership with the Secretary of State; a limited partnership must have at least one general partner and at least one limited partner. A general partner is liable for the obligations of the limited partnership, while the limited partner has no personal liability for the same. A limited liability partnership is a general partnership that elects limited liability partnership status by filing an application for limited liability partnership registration. Upon securing such registration, all partners in the limited partnership, though they remain general partners, are afforded the same liability protection enjoyed by limited partners in limited partnerships. Other than this limited liability component, a limited liability partnership maintains all the other characteristics of a general partnership. A limited liability limited partnership (LLLP) is a limited partnership that elects limited liability limi
• A limited partnership is a statutory entity created by filing a certificate of limited partnership with the Secretary of State; a limited partnership must have at least one general partner and at least one limited partner. A general partner is liable for the obligations of the limited partnership, while the limited partner has no personal liability for the same. • A limited liability partnership is a general partnership that elects limited liability partnership status by filing an application for limited liability partnership registration. Upon securing such registration, all partners in the limited partnership, though they remain general partners, are afforded the same liability protection enjoyed by limited partners in limited partnerships. Other than this limited liability component, a limited liability partnership maintains all the other characteristics of a general partnership. • A limited liability limited partnership (LLLP) is a limited partnership that elects limited liabilit
