362.575 Intent and policy of Commonwealth regarding registered limited liability

306 words·~1 min read·/ky/362-575

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

partnerships.

(1)A registered limited liability partnership, formed and existing under KRS 362.155,

362.175, 362.190, 362.220, 362.235, 362.315, 362.325, 362.345, and KRS 362.555

to 362.605, may conduct its business, carry on its operations, and have and exercise

the powers granted by KRS 362.155, 362.175, 362.190, 362.220, 362.235, 362.315,

362.325, 362.345, and KRS 362.555 to 362.605 in any state, territory, district, or

possession of the United States or in any foreign country.

(2)It is the intent of the General Assembly that the legal existence of any registered

limited liability partnership formed and existing under KRS 362.155, 362.175,

362.190, 362.220, 362.235, 362.315, 362.325, 362.345, and KRS 362.555 to

362.605 shall be recognized outside the boundaries of this Commonwealth and that

the laws of this Commonwealth governing any registered limited liability

partnership transacting business outside this Commonwealth shall be granted the

protection of full faith and credit under the Constitution of the United States.

(3)It is the policy of this Commonwealth that the internal affairs of registered limited

liability partnerships, formed and existing under KRS 362.155, 362.175, 362.190,

362.220, 362.235, 362.315, 362.325, 362.345, and KRS 362.555 to 362.605,

including the liability of partners for debts, obligations, and liabilities chargeable to

partnerships, shall be subject to and governed by the laws of this Commonwealth.

(4)Subject to any statutes for the regulation and control of specific types of business

limited liability partnerships, formed and existing under the laws of another state or

jurisdiction, may engage in any business in this Commonwealth.

(5)It is the policy of this Commonwealth that the internal affairs of partnerships,

including limited liability partnerships, formed and existing under the laws of

another state or jurisdiction, including the liability of partners for debts, obligations,

and liabilities chargeable to partnerships, shall be subject to and governed by the

laws of that other state or jurisdiction.