The Law of Corporations and Other Business Organizations

Chapter 5 - Limited Liability Partnerships and Limited Liability Limited Partnerships

Introduction

The goal of this chapter is for students to become
familiar with the following terms and
topics concerning limited liability partnerships
and limited liability limited
partnerships:

• Limited liability partnership and limited liability
limited partnership
• Differences and unique characteristics between
general partnerships, limited liability
partnerships, limited partnerships, and limited
liability limited partnerships
• State requirements for forming each of the
limited liability entities
• The nature and extent of the limited liability
afforded to all partners of a limited liability
partnership and limited liability limited partnership
in states that have adopted either full
shield or partial shield statutes
• State requirements for limited liability
partnerships and limited liability limited
partnerships
• Advantages and disadvantages of doing
business as a limited liability partnership
compared to other forms of business organization
• Advantages and disadvantages of doing
business as a limited liability limited partnership
compared to other forms of business
organization

After reading this chapter in the book, use the Study Support Tools on left side of this page to reinforce the textbook. It is recommended that you use the tools in order from top to bottom.

Good Luck!