Section 17-214 - Limited partnerships as limited liability limited partnerships(a) A limited partnership may be formed as, or may become, a limited liability limited partnership pursuant to this section. A limited partnership may become a limited liability limited partnership as permitted by the limited partnership's partnership agreement or, if the limited partnership's partnership agreement does not provide for the limited partnership's becoming a limited liability limited partnership, with the approval (i) by all general partners, and (ii) by limited partners who own more than 50 percent of the then current percentage or other interest in the profits of the limited partnership owned by all of the limited partners . To be formed or to become, and to continue as, a limited liability limited partnership, a limited partnership shall, in addition to complying with the requirements of this chapter: (1) File a statement of qualification as provided in § 15-1001 of this title and thereafter an annual report as provided in § 15-1003 of this title; and(2) Have as the last words or letters of its name the words "Limited Liability Limited Partnership,'' or the abbreviation "L.L.L.P.,'' or the designation "LLLP.''(b) In applying the Delaware Revised Uniform Partnership Act [Chapter 15 of this title] to a limited liability limited partnership for the purposes of subsections (a) , (d), (f), (g), (l) and (m) of this section: (1)Any statement shall be executed by at least 1 general partner of the limited partnership; (2) All references to partner or partners mean general partners only ;(3) All references to a limited liability partnership shall be deemed references to a limited liability limited partnership;(4) All references to a partnership shall be deemed references to a limited partnership;(5) All references to foreign partnerships, foreign limited liability partnerships or statements of foreign qualification shall be disregarded; and(6) The reference to certificate in §15-1207(a)(1) shall be disregarded.(c) If a statement of cancellation of a statement of qualification is filed and the limited partnership shall remain a domestic limited partnership, an amendment to the certificate of limited partnership removing the "Limited Liability Limited Partnership", "L.L.L.P." or "LLLP" designation from the name of the limited partnership shall be filed simultaneously with the filing of such statement of cancellation of the statement of qualification. As changed, such name must also comply with § 17-102 of this chapter.(d) If a limited partnership is a limited liability limited partnership, (i) its partners who are liable for the debts, liabilities and other obligations of the limited partnership shall have the limitation on liability afforded to partners of limited liability partnerships under the Delaware Revised Uniform Partnership Act [Chapter 15 of this title], and (ii) no limited partner of the limited partnership shall have any liability for the obligations of the limited partnership under § 17-303(a) of this title.(e) The status of a limited partnership as a limited liability limited partnership is effective on the later of the filing of the statement of qualification or a future effective date or time specified in the statement of qualification. The status as a limited liability limited partnership remains effective, regardless of changes in the limited partnership, until the statement of qualification is canceled or revoked.(f) The provisions of §15-105 and §15-118 of this title shall apply to a limited liability limited partnership insofar as such sections have application to a statement of qualification.(g) A limited partnership is a limited liability limited partnership if there has been substantial compliance with the requirements of this section. The status of a limited partnership as a limited liability limited partnership and the liability of its partners is not affected by errors or later changes in the information required to be contained in the statement of qualification under subsection (c) of §15-1001 of this title.(h) The filing of a statement of qualification establishes that a limited partnership has satisfied all conditions precedent to the qualification of the limited partnership as a limited liability limited partnership.(i) An amendment or cancellation of a statement of qualification is effective when it is filed or on a future effective date or time specified in the amendment or cancellation.(j) If a person is included in the number of general partners of a limited liability limited partnership set forth in a statement of qualification or an annual report, the inclusion of such person shall not be admissible as evidence in any action, suit or proceeding, whether civil, criminal, administrative or investigative, for the purpose of determining whether such person is liable as a general partner of such limited liability limited partnership. The status of a limited partnership as a limited liability limited partnership and the liability of a partner of such limited liability limited partnership shall not be adversely affected if the number of general partners stated in a statement of qualification or an annual report is erroneously stated provided that the statement of qualification or the annual report was filed in good faith.(k) A limited partnership whose statement of qualification has been canceled pursuant to § 17-104(d) or § 17-104(i)(4) of this title may apply to the Secretary of State for reinstatement after the effective date of the cancellation. The application must state: (1) The name of the limited partnership and the effective date of the cancellation and, if such name is not available at the time of reinstatement, the name under which the statement of qualification is to be reinstated; and(2) That the limited partnership has obtained and designated a new registered agent as required by § 17-104(a) of this title and the name and address of such new registered agent and the address of the limited partnership's registered office in the state of Delaware. A reinstatement under this subsection (k) relates back to and takes effect as of the effective date of the cancellation, and the limited partnership's status as a limited liability limited partnership continues as if the cancellation had never occurred.
(l) Section 15-1003 of this title shall apply to a limited liability limited partnership, except that the reference to §15-111 in §15-1003(a)(2) shall be deemed for purposes of this section as a reference to §17-104.(m) Subsections (a)(1) and (a)(3) of §15-1207 of this title shall apply to a limited liability limited partnership.(n) Except as provided in subsections (a), (b), (d), (f), (g), (l) and (m) of this section, a limited liability limited partnership shall be governed by this chapter, including, without limitation, §17-1105 of this chapter.(o) Notwithstanding anything in this chapter to the contrary, a limited partnership having, on December 31, 1999, the status of a registered limited liability limited partnership under predecessor law shall have the status of a limited liability limited partnership under this chapter as of January 1, 2000, and to the extent such limited partnership has not filed a statement of qualification pursuant to § 15-1001 of the Delaware Revised Uniform Partnership Act, the latest application or renewal application filed by such limited partnership under such predecessor law shall constitute a statement of qualification filed under § 15-1001 of the Delaware Revised Uniform Partnership Act.Amended by Laws 2015 , ch. 44, s 4, eff. 8/1/2015.Amended by Laws 2013 , ch. 73, s 4, eff. 4/1/2014.69 Del. Laws, c. 258, §21; 70 Del. Laws, c. 78, § 18; 71 Del. Laws, c. 78, § 15; 72 Del. Laws, c. 228, § 2; 73 Del. Laws, c. 73, §§ 14 - 16; 73 Del. Laws, c. 222, § 1; 73 Del. Laws, c. 297, §6; 75 Del. Laws, c. 414, §§ 7, 8; 78 Del. Laws, c. 272, § 4.;