Updated August 04, 2024
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.
Definition
“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.[1]“
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) |