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What Is The Difference Between A Limited Partnership (LP) And A Limited Liability Limited Partnership (LLLP)?

April 26, 2017difference liability limited lllp Lp partnership

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What Is The Difference Between A Limited Partnership (LP) And A Limited Liability Limited Partnership (LLLP)?

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A limited partnership, or LP, and a LLLP are the same in that they both have general partners and limited partners. In both entities, the limited partners are only liable for the investments and are not liable for any debts and obligations of the partnership. The difference is that a LLLP protects the general partners by providing them with a liability shield similar to that of a limited liability partnership. Therefore, the general partners are only liable for the debts and obligations of the partnership and are not liable for the negligence or misconduct of the other general partners.