Limited Liability Limited Partnership Advantages -- 60 Second Business Tip

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A Limited Liability Limited Partnership, or LLLP, is a relatively new development in the corporate world. Its structure is similar to that of the Limited Partnership in that it can have one or more General Partners and one or more Limited Partners. As with the standard LP, the General Partners manage the operations of the LLLP, while the Limited Partners typically play a passive role. Once again, with the LLLP, the profits of the partnership flow directly through to the partners and show up as ordinary income (pass-through taxation). With that being said, with the LLLP, the General Partners and the Limited Partners both have limited liability for any debts or claims against the partnership. This means that in the event the partnership is ever sued, both the General Partner(s) and the Limited Partner(s) are protected.

To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.