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  • 2 - Extra Large Partnerships

  • from Part I - Identifying Fiduciaries and Their Duties
  • Edited by Arthur B. Laby, Jacob Hale Russell
  • Book:
    Fiduciary Obligations in Business
    Published online:
    20 August 2021
    Print publication:
    09 September 2021, pp 40-56

  • Summary

    This Chapter analyzes two of the most extreme examples of partnerships that have outgrown partnership law: limited liability partnerships (LLPs) and publicly-traded partnerships (PTPs), known in the investment community as master limited partnerships (MLPs). Both of these entities reflect the tension between traditional partnership law and legislatively-granted limited liability and contractual flexibility. Just as corporation statutes apply awkwardly to small, closely-held corporations, partnership and limited partnership acts apply even more awkwardly to extra large partnerships.