- Limited Partnership (LP)
limited partnership consists of one or more general partners and one or more limited partners.
General partners have unlimited personal liability for the debts and obligations of the partnership.
Limited partners have limited liability, meaning their personal assets are generally protected from business debts.
- Limited Liability Partnership (LLP)
An LLP is a partnership in which all partners have limited liability.
In an LLP, each partner is not personally responsible for the debts and liabilities of the partnership or the other partners.
LLPs are often chosen by professionals like lawyers and accountants.
- Limited Liability Limited Partnership (LLLP)
An LLLP is a limited partnership that has chosen to have limited liability for all its partners, including the general partners.
It combines features of both a limited partnership and an LLP, providing limited liability protection to all partners.
Delaware:
- Delaware is a popular state for business incorporation due to its business-friendly laws, well-established legal system, and the Court of Chancery that specializes in business cases.
- Many companies, including those outside of Delaware, choose to incorporate here.
