An LLLP is the offspring of a limited partnership that consists of one or more general partners and one or more limited partners. What makes this entity so unique is that unlike a traditional limited partnership (or LP), the general partner or general partners of a LLLP are not personally responsible for the debts incurred by the partnership unless they agree to be through debt covenants or other contracts. With this type of partnership the general partners will manage the day to day activities of the LLLP while the limited partners’ interest is mainly financial. Typically in this type of partnership the limited partners own all of the equity in the entity.
Currently, statutes for the creation of a LLLP have not been adopted by all states. The following is list of jurisdictions that recognize LLLP statutes:
California does not have a state statute allowing for the formation of an LLLP, but does recognize LLLPs formed under the laws of another state. The company will file an Application for Registration (Form LP-5).
Illinois technically does not have an enabling statute but does allow formation of an LLLP under the Revised Uniform Limited Partnership Act.
UCS is with you every step of the way by providing the necessary forms to file with the Secretary of State as well as assist with drafting and submitting to the proper department. UCS also provides a registered agent office which is required in most states.
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