Limited liability limited partnership
Overview
Commercial law
Commercial law is the body of law that governs business and commercial transactions...
. An LLLP is a limited partnership
Limited partnership
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners , there are one or more limited partners . It is a partnership in which only one partner is required to be a general partner.The GPs are, in all major respects,...
and as such consists of one or more general partner
Partnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
s and one or more limited partners. The general partners manage the LLLP, while typically the limited partners only have a financial interest.
The difference between an LLLP and a traditional LP is with respect to the general partner's liability for the debts and obligations of the limited partnership.
