Posted: | June 2, 2015 10:01 AM |
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From: | Representative Adam Harris and Rep. W. Curtis Thomas |
To: | All House members |
Subject: | Co-Sponsorship - Business Entity Law |
In the near future, we will be introducing legislation to modernize Pennsylvania law on partnerships and limited liability companies. Based on legislation drafted by the Title 15 Committee of the Pennsylvania Bar Association, our bill will replace existing Pennsylvania law on general partnerships, limited partnerships and limited liability companies with the most recent revisions of three acts promulgated by the Uniform Law Commission (ULC): the Uniform Partnership Act (UPA), the Uniform Limited Partnership Act (ULPA) and the Uniform Limited Liability Act (ULLA). General Partnerships and Limited Liability Partnerships Pennsylvania general partnerships currently are operating under the 1914 version of the Uniform Partnership Act. The UPA was substantially revised in 1997 and last amended in 2013. Our legislation will replace the 1914 version with the new UPA to:
Pennsylvania limited partnerships currently are operating under the 1985 version of the Uniform Limited Partnership Act. The new ULPA was substantially revised by the ULC in 2001 and last amended in 2013. Our bill will replace the 1985 version with the new ULPA, which improves the capacity of these entities to do business and serve the best interests of partners and third parties conducting business with them by:
Limited Liability Companies Pennsylvania limited liability companies currently are operating under a 1994 law. Our legislation will replace that with the Uniform Limited Liability Company Act, which was promulgated in 2006 by the ULC and last amended in 2013. In light of the fact that the Limited Liability Company (“LLC”) has become the entity of choice for organizing privately owned businesses, it is time to update Pennsylvania’s law with the ULLCA to:
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Introduced as HB1398