A form of limited partnership made up of one or more general partners that manage the business and one or more limited partners that typically are silent investors with no right to manage the business. This type of partnership is different from a limited liability partnership, which has only one class of partners that all have the right to manage the business.

In an LLLP, both general and limited partners benefit from a status-based limited liability shield that:

LLLPs are governed by their state of formation's limited partnership statutes and are not available in every state. Real estate ventures and estate planning arrangements, such as family limited partnerships, are commonly established as LLLPs.