The Legal and Ethical Environment of Business: "Chapter 11, Section 4: Limited Liability Entities"

Read this section. Limited liability partnerships (LLPs) are discussed in the last paragraph of this section, and you should be aware of their function. LLPs are organizations that provide limited liability and tax advantages to professional partnerships, such as law firms and accounting firms. Limited liability limited partnerships (LLLPs) include both general and limited partners. Both the general and limited partners are allowed to manage the partnership. It is a unique type of business formation, in that both general and limited partners enjoy limited liability and are not held personally liable for the partnership’s debt. To form a limited liability limited partnership, articles of limited liability limited partnership must be filed with the secretary of state's office along with the required filing fee.