What is a limited liability limited partnership?

This is a very special entity form recognized in a few states. It exists primarily to offer a unique entity form to certain financial and real estate investments. Basically, it takes the limited liability partnership and adds a limited partner to the partnership. 

Generally, a limited liability partnership is reserved for practicing professionals who maintain individual insurance against malpractice. By adding a limited partner to this situation, it allows for outside investors (the limited partner) to invest in a professionally run enterprise that offers personal liability protection to the managing partners.