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§ 8414. Governing law

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part III. Partnerships and Limited Liability Companies (Refs & Annos)
Chapter 84. General Partnerships (Refs & Annos)
Subchapter A. General Provisions
Effective: February 21, 2017
15 Pa.C.S.A. § 8414
§ 8414. Governing law
Currentness
(a) General rule.--The internal affairs of a partnership and the liability of a partner as a partner for the debts, obligations or other liabilities of the partnership are governed by:
(1) in the case of a limited liability partnership, the laws of this Commonwealth; and
(2) in the case of a partnership that is not a limited liability partnership, the laws of:
(i) the jurisdiction chosen by a provision of the partnership agreement in record form; or
(ii) the jurisdiction in which the partnership has its principal office if there is no choice of law under subparagraph (i).
(b) Enforceability of chosen law.--A choice of law under subsection (a)(2)(i) is enforceable even though:
(1) The chosen jurisdiction has no substantial relationship to the partners or the partnership and there is no other reasonable basis for the parties' choice.
(2) Application of the chosen law would be contrary to a fundamental policy of a jurisdiction that has a materially greater interest in the determination of the particular issue than does the jurisdiction whose law has been chosen.
(c) Cross reference.--See section 8415(c)(6) (relating to contents of partnership agreement).

Credits

2016, Nov. 21, P.L. 1328, No. 170, § 25, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8414, PA ST 15 Pa.C.S.A. § 8414
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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