Limited Liability Partnership (LLP)
A Limited Liability Partnership is a specific type of entity reserved for professional business endeavors such as architects, engineers, attorneys, accountants, physicians, dentists or psychiatrists, etc. If you are not a certified, licensed professional in one of these areas of practice your LLP application will be rejected by the Secretary of State.
Limited Liability Limited Partnership (LLLP)
A Limited Liability Limited Partnership is also a distinct type of limited partnership where the general partner has the same level of protection a limited partner receives. If an inside lawsuit were to arise, the general partner in a limited liability limited partnership would have no more liability than any limited partner in an LP or member in an LLC. The underlying legal foundation for an LLLP is found in the Nevada Revised Statutes (NRS) under 88.606 as established in 2003. Although no law suits against an LLLP have reached the higher courts (where case law or precedents are created) to solidify the validity of this type of limited partnership, after over a decade of use there are also no landmark decisions demonstrating an LLLP is anything other than a reliable asset protection vehicle.
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