Partnerships

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Partnership

Generally, there are four type of common partnerships; general partnerships, limited liability partnerships, limited partnerships, and limited liability limited partnerships. 

In a general partnership each partner is personally liable for the debts of the entity and has management qualifications.

In Limited Liability Partnerships (LLP), the partnership is required to file paperwork with the Secretary of State to eliminate the personal liability that partners are exposed to in a situation like the general partnership. This limitation on liability requires that the company name end with LLP or RLLP (Registered Limited Liability Partnership).

Limited Partnership is a partnership in which there is one or more "general partners" and one or more "limited partners." The general partners have the authority to manage the business and are personally liable for the debts assumed by the partnership. The limited partners are typically investors and have minimal or very limited control over the day-to-day management of the partnership.  The limited partners have no liability beyond their capital contributions to the partnership.

The Limited Liability Limited Partnership (LLLP) is a mouthful. The LLLP addresses the liability issues facing general partners in a limited partnership, similar to how a Limited Liability Partnership addresses the issues of liability for a general partnership.

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