What is the difference between a general partnership, a limited partnership (LP), a limited liability partnership (LLP), and a limited liability limited partnership (LLLP)?
A general partnership is defined as “an association of two or more persons to carry on a business for profit as owners.” §152.051. General partnerships can be created by oral or written agreement. General partnerships are created without filing any formation documents with the Secretary of State. A general partnership must have at least two partners, and each partner in a general partnership is a general partner. If a general partnership chooses to take the additional step of registering as an LLP, it must use “limited liability partnership” (or any abbreviation thereof, such as LLP) in its legal name. §5.063. The only way to create a Texas limited partnership (LP) is to file a Certificate of Formation with the Secretary of State. §§3.001(a); 1.002(22). See Form 207 (Word, PDF). A limited partnership (LP) consists of one or more general partners plus one or more limited partners. §1.002(50). If a limited partnership (LP) chooses to take the additional step of registering as a limited l
A general partnership is defined as “an association of two or more persons to carry on a business for profit as owners.” §152.051. General partnerships can be created by oral or written agreement. General partnerships are created without filing any formation documents with the secretary of state. A general partnership must have at least two partners, and each partner in a general partnership is a general partner. If a general partnership chooses to take the additional step of registering as an LLP, it must use “limited liability partnership” (or any abbreviation thereof, such as LLP) in its legal name. §5.063. The only way to create a Texas limited partnership (LP) is to file a certificate of formation with the secretary of state.§§3.001(a); 1.002(22). See Form 207 (Word 151kb, PDF 78 kb). A limited partnership (LP) consists of one or more general partners plus one or more limited partners. §1.002(50). If a limited partnership (LP) chooses to take the additional step of registering as
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