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.
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.”
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) |