Limited Liability Limited Partnership

Cite this article as:"Limited Liability Limited Partnership," in The Business Professor, updated October 10, 2014, last accessed June 3, 2020, https://thebusinessprofessor.com/lesson/limited-liability-limited-partnership/.
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Limited Liability Limited Partnership

http://youtu.be/4UDUss8kMW0 Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP 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 investm

Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP

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 parter 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 offer personal liability protection to the managing partners.

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