The LLLP form of business entity is recognized under United States commercial law.
In a traditional limited partnership, the general partners are jointly and severally liable for their debts and obligations.
Limited partners are not liable for those debts and obligations beyond the number 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.
[8] Illinois, though not having an enabling statute, does allow formation of an LLLP under RULPA (Revised Uniform Limited Partnership Act).