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Limited Liability Limited Partnerships

A small minority of states recognize a form of business called the limited liability limited partnership (LLLP). An LLLP is formed when a limited partnership registers as a limited liability partnership, thus allowing partners to benefit from different limitations in liability. In other words, limited partners in an LLLP are still only liable for the partnership’s debts to the extent of the limited partner’s contributions, while a general partner is not personally liable for the negligence or malfeasance of another general partner.

The NCCUSL modified the Uniform Limited Partnership Act in 2001 to allow limited partnerships to register as limited liability limited partnerships. Although only a small number of states had enacted the revised uniform act by 2005, several states had considered bills that would have adopted this act.

Inside Limited Liability Limited Partnerships