The Nevada Limited-Liability Limited Partnership (or "LLLP" as it is commonly referred to), is a fairly new development in the corporate entity world. It is best classified as a hybrid of the Limited Partnership.
Like the Limited Partnership, the LLLP is a generally considered a joint venture between two or more individuals and/or other business entities. It is a legal entity which is separate from it's owners and operators. For tax purposes, the LLLP benefits from pass through taxation just like the Limited Partnership.
A LLLP consists of one or more General Partners and one or more Limited Partners.
The General Partner is the person or the company in charge of managing the day-to-day operations of the LLLP. Unlike the Limited Partnership however, in a LLLP, the General Partner actually has Limited Liability. This can be very advantageous to a General Partner who is looking for additional protection.
Just like in the Limited Partnership, in a LLLP, the Limited Partner is a person or a company that is typically passivley involved in the operations of the Limited Partnership. Limited Partners often appear as investors, or owners who provided certain resources necessary for the Partnership to come into existence, however, they do not necessarily play an active role in the management of the entity. In the event of litigation, the liability of the Limited Partner(s) is limited in a LLLP.