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An LLLP is a limited partnership and as such consists of one or more general partners and one or more limited partners. Typically, while the general partners manage the LLLP, the limited partners' interest is purely financial.What states allow LLLP?
Arkansas, Arizona, Colorado, Delaware, Florida, Georgia, l LMaryland, Nevada, Texas, and Kentucky have all adopted statutes that allow formation of an LLLP, usually as a conversion of an existing limited partnership (the general partners might want to do this to reduce their legal liability).Will the LLLP election work in states that do not have LLLPs?
Questions remain about whether the limited liability provided to general partners by the LLLP election will be effective in states that do not have an LLLP statute. LLLPs are permitted in approximately 30 U.S. states or jurisdictions, and are not yet common, States with LLLP enabling statutes The following states have statutes that enable LLLPs.What is a limited liability limited partnership election?
In an LLLP, by having the limited partnership make an election under state law, the general partners are afforded limited liability for the debts and obligations of the limited partnership that arise during the period that the LLLP election is in place.