“Partnership Agreement” Definition
“Partnership agreement” means the partners’ agreement, whether oral, implied, in a record, or in any combination, concerning the limited partnership. The term includes the agreement as amended.[2]
Allowed Partnership Types
- General Partnerships (GP)[3]
- Limited Partnership (LP)[4]
- Limited Liability Partnership (LLP)[5]
- Limited Liability Companies (LLC)[6]
Limited Liability Limited Companies (LLLPs)
California does not allow the formation of LLLPs. Although, it does recognize LLLPs formed in another State that is operating in California.[7]