I have previously written here about whether interests in an LLC or an LLP can be viewed as securities. Recently, I came across a relevant post from the Compliance Building blog examining whether interests in general partnerships can be deemed to be securities. When structuring investments and joint venture agreements, investors should always ask whether securities laws apply to their enterprises. This, of course, depends on whether interests in these enterprises fall under the definition of a "security" under the federal securities laws. The answer is not always clear. There is a body of legal opinions that for years has been interpreting and defining the scope and the meaning of a "security". Hence, caution should be exercised.
Read below Doug Cornelius' excellent blog post. Link to the post is found here: