Copyright (C) 2010 FMS Nevada, LLC. All Rights Reserved
9550 S EASTERN AVE., STE 253
LAS VEGAS , NV 89123
702-952-9595
WWW.FMSNEVADA.COM
info@fmsnevada.com
LAS VEGAS , NV 89123
702-952-9595
WWW.FMSNEVADA.COM
info@fmsnevada.com
Limited Liability Limited Partnership
Limited Partnerships
LLLP
An LLLP is a Limited Liability Limited Partnership. This entity type protects the partners from liability should a partnership be held liable in a lawsuit and also provides asset protection. In the event of a lawsuit against one of the partners personally. Assets held inside the partnership are protected from the judgment creditor of a partner.
Although, the LLLP is essentially a variation of the classic, more traditional, Limited Partnership, with an LLLP, t he general partner-as well as the limited partners-is indemnified , receiving the liability protection only available to limited partners in the more traditional Limited Partnership.
Forming an LLLP can be accomplished in two ways: One, it can be filed from scratch, and, two, LLLPs can also be created by modifying an existing Limited Partnership. In most states a Limited Partnership may register as a Limited Liability Limited Partnership. The limited partnership may become a limited liability limited partnership by a vote and amendment to the partnership.
Although, the LLLP is essentially a variation of the classic, more traditional, Limited Partnership, with an LLLP, t he general partner-as well as the limited partners-is indemnified , receiving the liability protection only available to limited partners in the more traditional Limited Partnership.
Forming an LLLP can be accomplished in two ways: One, it can be filed from scratch, and, two, LLLPs can also be created by modifying an existing Limited Partnership. In most states a Limited Partnership may register as a Limited Liability Limited Partnership. The limited partnership may become a limited liability limited partnership by a vote and amendment to the partnership.
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