Limited Liability Limited Partnership (LLLP)

A limited liability limited partnership is a limited partnership that has at least one general partner and one limited partner. Often times the general partners are the ones in control of the LLLP while the limited partners have primarily a financial interest.

A limited liability limited partnership is a newly emerging type of business that has its own differences and benefits. An LLLP is different than an LP because the general partner, along with the limited partners, are only limitedly liable. An LLLP is used specifically to transfer from an LP but as it becomes more popular it may be a good alternative to an LLC.