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362.575 Intent and policy of Commonwealth regarding registered limited liability
partnerships.
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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.
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.
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.
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.
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.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 170, effective July 15,
2010. -- Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which
was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180,
effective June 26, 2007; and amend 2007 Ky. Acts ch. 137, sec. 170, effective June
26, 2007. -- Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. -Created 1994 Ky. Acts ch. 389, sec. 104, effective July 15, 1994.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183,
provides, "The specific textual provisions of Sections 1 to 178 of this Act which
reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed
effective as of June 26, 2007, and those provisions are hereby made expressly
retroactive to that date, with the remainder of the text of those sections being
unaffected by the provisions of this section."
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