Question:
I live in Canada and I'm a US real estate investor. I want to set up a limited partnership in the US for real estate I own but I have no idea what the difference between an LLP and an LLLP is.
Answer:
In an LLP (limited liability partnership), the partners assume the management roles in the entity but each partner is not liable for another partner's actions. In an LLLP (limited liability limited partnership), a general partner is not liable for another general partner's actions and the management roles are assumed by only the general partners, not the limited partners.
