A __________ is a partnership in which the liability of the general partners has been limited to the same extent as in a limited liability partnership.

Question

Quizplus · Accepted Answer

A limited liability limited partnership (LLLP) is a partnership in which the general partners have limited liability, similar to a limited liability partnership (LLP). However, an LLLP also allows for limited partners to have some control over the partnership without risking personal liability. A limited partnership (A) does provide limited liability for limited partners, but the general partners may still be personally liable. A limited liability company (B) also provides limited liability, but it is not structured as a partnership.

A __________ Is a Partnership in Which the Liability of the General