The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership. The LLLP form of business entity is recognized under United States commercial law. An LLLP is a limited partnership, and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more protected-liability limited partners. Typically, general partners manage the LLLP, while the limited partners' interest is purely financial. Thus, the most common use of limited partnership is for purposes of investment. LLLP versus LP In a traditional limited partnership the general partners are jointly and severally liable for its debts and obligations. Limited partners are not liable for those debts and obligations beyond the amount of their capital contributions. An LLLP allows liability for debts and obligations of the limited partnership to be transferred from the general partners to an external insurer, something that is not possible with a traditional LLP. By having the limited partnership make an election under state law, the general partners are afforded limited liability for the debts and obligations of the limited partnership that arise during the period that the LLLP election is in place. The manner of election varies in accord with state law. For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of limited partnership. Not all states presently allow business entities to form as LLLPs. Most states that recognize LLLPs require that an entity identify itself as an LLLP in its name, but that requirement is not universal. LLLPs are most common in the real estate business, although other businesses can also use the form, for example, CNN. Questions remain about whether the limited liability provided to general partners by the LLLP election will be effective in states that do not have an LLLP statute. States with LLLP enabling statutes The following states have statutes that enable LLLPs. Alabama Alaska Arizona Arkansas Colorado Delaware District of Columbia Florida Georgia Hawaii Idaho Indiana Iowa Kentucky Maryland Minnesota Missouri Montana Nevada New Mexico North Carolina North Dakota Ohio Oklahoma Pennsylvania South Dakota Tennessee Texas Utah Virginia Washington Wyoming US Virgin Islands Though California does not have a state statute allowing formation of an LLLP, it does recognize