Major changes to Pennsylvania’s laws on partnerships and LLCs
February 27, 2017
Make sure you have the latest statutes with CSC®Publishing’s 2017 Pennsylvania Laws Governing Business Entities
The Pennsylvania legislature overhauled the state’s laws on unincorporated entities during its 2016 session, making extensive changes designed to modernize the way the state does business.
This comprehensive revision of PA law on partnerships and LLCs was signed by legislators into law as Act 2016-170 in late November, and takes effect on February 21, 2017. The Act revises the laws on partnerships and LLCs, expands the liability shield for LLPs and LLLPs, provides new provisions on derivative suits involving all types of entities, and adds nonprofit limited partnerships and LLCs and benefit LLCs to Pennsylvania business law.
The changes are captured in the 2017 Edition of Pennsylvania Laws Governing Business Entities, releasing this month. The 2017 Edition contains statutes updated through Chapter 174 of the 2016 Regular Session of the General Assembly and includes the extensive changes made to Title 15, modernizing the law on limited liability partnerships, general partnerships, limited partnerships and limited liability companies. All changes are listed in the book’s Table of Sections Affected.
The book includes in-depth analysis of the new legislation prepared by legal advisor William H. Clark, Jr., a partner in the Corporate & Securities Practice Group of Drinker Biddle and Reath LLP, and the principal draftsman of the new legislation.
The 2017 Edition includes 40 new case annotations from state court decisions interpreting Pennsylvania business law, which are listed in the Table of New Annotations and marked with gray bars for quick identification. Five full-text cases from the past year highlighting recent legal developments have also been included, concerning liability of corporate officers, nonprofit corporations, unfinished business of partnerships, taxation on sale of a partnership, and piercing the corporate veil.
The companion CD-ROM contains over 100 Pennsylvania forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types. A listing of forms and contact information for the Pennsylvania Corporations Bureau can be found in the Appendix.
Pennsylvania Laws Governing Business Entities is available as a softbound book or as an ebook, compatible with dedicated e-reader devices, computers, tablets and smartphones that use e-reader software or applications. It is also available on the LexisNexis Digital Library.
To learn more about the 2017 Edition of Pennsylvania Laws Governing Business Entities, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.
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