Keyword Analysis & Research: llllpp

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Frequently Asked Questions

What is an an LLLP?

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).

What does LLLL stand for?

The Loyal Legion of Loggers and Lumbermen ( LLLL ), commonly known as the " Four L " ( 4L ), was a company union found in the United States during World War I in 1917 by the War Department as a counter to the Industrial Workers of the World .

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.


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