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Though
California does not have a state statute allowing formation of an LLLP, it does recognize LLLPs formed under the laws of another state. While registering an LLLP formed in another state in California will trigger the same annual franchise tax applicable to entities formed California. The
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An LLLP allows liability for debts and obligations of the limited partnership to be transferred from the general partners to an external insurer, something that is not possible with a traditional LLP. By having the limited partnership make an election under state law, the general partners are
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who are liable for the obligations of the entity, as well as or more protected-liability limited partners. Typically, general partners manage the LLLP, while the limited partners' interest is purely financial. Thus, the most common use of limited partnership is for purposes of investment.
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for the debts and obligations of the limited partnership that arise during the period that the LLLP election is in place. The manner of the election varies in accordance with state law. For example, in
Delaware LLLP elections take the form of a limited partnership electing to be a
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In a traditional limited partnership, the general partners are jointly and severally liable for their debts and obligations. Limited partners are not liable for those debts and obligations beyond the number of their capital contributions.
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Not all states presently allow business entities to form as LLLPs. Most states that recognize LLLPs require that an entity’ identify itself as an LLLP in its name, but that requirement is not universal. LLLPs are most common in the
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901:. 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.
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Illinois, though not having an enabling statute, does allow formation of an LLLP under RULPA (Revised
Uniform Limited Partnership Act).
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statute governing whether an LLLP must register is less inclusive than the statute for out-of-state LLCs.
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Szalados, James E. (2021). "Corporate and
Partnership Structures Used in Healthcare Entity Formation".
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business, although other businesses can also use the form, for example,
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the election is made in the certificate of a limited partnership).
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Charitable incorporated organisation (England and Wales)
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The following states have statutes that enable LLLPs:
1035:"Uniform Limited Partnership Act (Last Amended 2013)"
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49:. Unsourced material may be challenged and removed.
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1061:The Medical-Legal Aspects of Acute Care Medicine
1247:"805 ILCS 215, Uniform Limited Partnership Act"
1101:"Limited & Limited-Liability Partnerships"
408:Scottish charitable incorporated organisation
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109:Learn how and when to remove this message
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1204:"Limited liability limited partnership"
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720:Piercing the corporate veil
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370:Societas unius personae
232:General corporate forms
682:Business judgment rule
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616:Kabushiki gaisha
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838:is recognized under
750:Beneficial ownership
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350:Societas cooperativa
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725:Rochdale Principles
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32:This article
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1254:. Retrieved
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441:by guarantee
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187:South Africa
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41:Please help
36:verification
33:
1063:: 535–546.
895:real estate
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731:Ultra vires
451:proprietary
268:Partnership
263:Joint-stock
253:Corporation
248:Cooperative
1272:Categories
1256:15 January
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