A limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership. Similar to a limited partnership, the LLLP consists of one of more general partners and one or more limited partners. The general partners manage the business operations of the LLLP, while the limited partners typically only maintain a financial interest. The key advantage of this form of ownership is that the general partners receive limited liability on the debts and obligations of the limited liability limited partnership. Limited liability limited partnerships often are used for investment in real estate, although it also is available for other businesses. Not all States permit the formation of limited liability limited partnerships. Many require the formation of limited partnerships first, then registration of that limited partnership as a limited liability limited partnership. Some of the States in which an LLLP can be formed are Arizona, Colorado, Delaware, Florida, Georgia, Nevada and Texas.