The Act relates to corporations and provides procedures and requirements for a new or existing partnership to become or continue to be a limited liability partnership. The Act further provides for a determination of when a limited partnership becomes a limited liability partnership. The Act provides for changes that occur in a partnership, including real property transfers and agreements for obligations. The Act also provides for one member partnerships. The Act simplifies some election parameters, clarifies tax treatment, and paperwork.
Amy E. Bergeron,
CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS Partnership: Provide Definitions; Provide Procedures for Limited Liability Partnership Elections; Provide Amendment to Certificate to Comply with Name Requirements Liability to Third Parties,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol14/iss1/2