Limited Liability Limited Partnership - Explained
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Accounting, Taxation, and Reporting
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Marketing, Advertising, Sales & PR
- Business Management & Operations
- Economics, Finance, & Analytics
- Professionalism & Career Development
What is a limited liability limited partnership?
This is a very special entity form recognized in a few states. It exists primarily to offer a unique entity form to certain financial and real estate investments. Basically, it takes the limited liability partnership and adds a limited partner to the partnership.
Generally, a limited liability partnership is reserved for practicing professionals who maintain individual insurance against malpractice. By adding a limited partner to this situation, it allows for outside investors (the limited partner) to invest in a professionally run enterprise that offers personal liability protection to the managing partners.