Annual Report and State Filing
We prepare and file your LLLP's annual report on time, every year, so your company stays active and in good standing.
Business Formation by a Licensed Law Firm
Form a Limited Liability Limited Partnership With a Real Attorney
Form a Limited Liability Limited Partnership with a licensed attorney. Starting at $182.59, with state fees included in every state except Nevada.
Starting at $182.59 Filing Fees Included*
*State filing fees are included in every state except Nevada, where they are billed separately.
- 35+
- Years Practice
- 650K+
- Formed
- 4.9
The Basics
What Is a Limited Liability Limited Partnership?
A limited liability limited partnership (LLLP) builds on the LP model and adds liability protection for the general partner. Limited partners keep their usual protection, while the managing partner is not personally exposed the way a traditional LP general partner can be.
This structure fits real estate and private equity deals where the manager wants control without unlimited personal downside. You keep flexible economics and pass-through taxation, with clearer walls between partnership debts and personal assets.
Key benefits include:
General Partner Liability Protection
In an LLLP, the general partner gets liability protection that a traditional LP general partner often lacks. Managers can run the deal without accepting unlimited personal downside for partnership obligations.
Full Management Control Retained
You still keep full management control in the general partner role, which sponsors need to execute acquisitions, financings, and operations. Control and protection move together instead of forcing a tradeoff.
Limited Partner Protections Stay
Limited partners continue to enjoy liability generally capped at their investment and no management duty. That keeps the investor side of the capital stack familiar and fundable.
Pass-Through Taxation
Income typically passes through to partners according to their interests, supporting the tax planning investors expect in real estate and private equity. The LLLP is often chosen when the manager wants LP economics with stronger personal protection.
The Wall Between You and Your Business
How an LLLP Actually Protects You
In a standard limited partnership, the general partner bears unlimited personal liability for all partnership obligations. For fund managers, real estate developers, and investment sponsors, this means that taking on the management role also means taking on unlimited personal financial risk.
A limited liability limited partnership changes that. The LLLP extends the same liability protection to general partners that limited partners already have. You retain full management control. You retain your carry and economics. You simply no longer bear unlimited personal liability for the obligations of the fund or the partnership.
- Business debts do not follow you home
- Lawsuits target the LLLP, not your savings
- Personal bank accounts stay off limits
- Protection holds when properly formed
LLLP TAX ADVANTAGES
The Tax Advantages Of Forming An LLLP
DEFAULT
Pass Through Taxation
Profit is taxed once, on your personal return. No company-level tax, and you decide how income is split among owners.
Avoids double taxation
MOST COMMON
OPTION 1
S-Corp Treatment
Pay yourself a reasonable salary and take the remainder as profit distributions, which are not subject to self-employment tax.
Lowers self-employment tax
OPTION 2
C-Corp Treatment
The company is taxed on its own income at the flat corporate rate. Best if you plan to raise capital or keep profit inside the business.
Retain earnings, attract investors
Included in Every Formation
What's Included on our Service Fee?
Your service fee covers the formal documents, certificates, and resolutions banks and government agencies actually ask for, not just a state filing receipt.
- State Filing
- Corporate or Company Seal
- Records Book
- Articles of Incorporation
- Company & Corporate Minutes
- Bylaws or LLC Regulations
- Stock or Membership Certificates
- Banking Resolution
- Preliminary Name Search
- EIN Filing Support
Annual Compliance, Handled
We Keep Your LLLP In Good Standing
We handle the annual filings, registered agent duties, and records your LLLP needs to stay in good standing. Nothing for you to track, file, or remember.
Registered Agent
We serve as your LLLP's registered agent at a physical address, receiving and forwarding official state mail so nothing important gets missed.
Governing Agreement and Records
We keep your LLLP's governing agreement and company records organized, current, and ready when you need them.
FAQ
Common Questions About Forming an LLLP
Still have questions? Talk to an attorney!
A Limited Liability Limited Partnership is a limited partnership that also protects general partners from personal liability for partnership debts and obligations. Limited partners keep the protection they already have in a standard LP, while general partners manage the business without unlimited personal exposure.
Fund managers, real estate developers, and investment sponsors who want LP style control and economics without the unlimited personal liability that a traditional general partner role usually carries. If you manage capital for others and want protection on both sides of the partnership, an LLLP is built for that.
Both use general and limited partners, pass through taxation, and flexible profit allocations. The key difference is liability for the manager. In a standard LP, the general partner has unlimited personal liability. In an LLLP, general partners receive liability protection similar to limited partners while keeping management authority.
It protects general partners from personal liability for partnership obligations in states that allow the structure. You can still be responsible for your own wrongful acts and for obligations you personally guarantee. Proper formation and maintenance are what keep the protection in place.
According to the partnership agreement. Partners can divide profits by contribution, by class of interest, by waterfall, or by any formula they agree on. Without a written agreement, your state's default rules govern the split. The agreement is what makes the economics enforceable.
The same as a partnership. Income and losses pass through to the partners and are reported on their personal returns. The LLLP itself does not pay federal income tax. Your CPA will advise on how to structure distributions and allocations most efficiently.
Most LLLPs are formed within 5 to 7 business days where the structure is available. Availability is limited to certain states, and the partnership agreement may take additional time to draft. Your attorney will confirm the timeline and state options before anything is filed.
Yes. We handle LLLP formations in states that permit them. If partners or assets sit in different states, your attorney will advise on where to form and whether foreign registration is needed.