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.
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.
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