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Limited Liability Limited Partnership (LLLP) Agreement

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Limited Liability Limited Partnership (LLLP) Agreement

Updated August 05, 2022

A limited liability limited partnership (LLLP) agreement is for partnerships that offer protection from personal liability to both the limited and general partners. This is a newer type of entity that is available in most States and is popular for real estate investment.


“In a limited liability limited partnership (“LLLP”), no partner – whether general or limited – is liable on account of partner status for the limited partnership’s obligations. Both general and limited partners benefit from a full, status-based liability shield that is equivalent to the shield enjoyed by corporate shareholders, LLC members, and partners in an LLP.”

Source: Uniform Limited Partnership Act (Amended 2013)

Are LLLPs Legal in Every State?

No, LLLPs are not legal in all 50 States. Although, they are legal in the following 32 States (see table below):

State LLLP’s Allowed? Statute
 Alabama Yes § 10A-9A-1.02 (6)
 Alaska Yes AS 10.55.901(14)(D)
 Arizona Yes AZ Commerce
 Arkansas Yes § 4-47-102(9)
 California No www.ftb.ca.gov
 Colorado Yes § 7-64-1002
 Connecticut No
 Delaware Yes § 17-214
 Florida Yes § 620.1108
 Georgia Yes § 14-8-62(g)
 Hawaii Yes § 425E-108
 Idaho Yes § 30-21-302
 Illinois No
 Indiana Yes § 805 ILCS 215/(13)(b)
 Iowa Yes § 488.108(3)
 Kansas No
 Kentucky Yes § 362.2-102(12)
 Louisiana No
 Maine No
 Maryland Yes § 1-502(e)
 Massachusetts No
 Michigan No
 Minnesota Yes § 321.1206(e)
 Mississippi No MS LP Study Group
 Missouri Yes § 359.172
 Montana Yes § 35-12-504(9)
 Nebraska No
 Nevada Yes NRS 88.6065
 New Hampshire No
 New Jersey No
 New Mexico Yes Section 54-2A-108(A)
 New York No
 North Carolina Yes § 59-210
 North Dakota Yes Title 45, Chapter 23
 Ohio Yes § 1782.64
 Oklahoma Yes §54-500-102A(9)
 Oregon No
 Pennsylvania Yes Title 15, Chapter 82
 Rhode Island No
 South Carolina No
 South Dakota Yes § 48-7-1106
 Tennessee Yes § 61-3-101(13)
 Texas Yes § 5.055
 Utah Yes § 48-2e-102
 Vermont No
 Virginia Yes § 4141(14)(a)(4)
 Washington Yes § 50-73.78(2)
Washington D.C. Yes § 29–701.02(7)
West Virginia No
 Wisconsin No
 Wyoming Yes § 17-24-202(xv)