Maine Revised Statutes Title 31 Sec. 811 – Nature of professional limited liability partnership business
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A limited liability partnership may be registered under this Act for any lawful purpose. A professional limited liability partnership, as defined in Title 13, section 723, subsection 6, is subject to the Maine Professional Service Corporation Act except as follows. [PL 2005, c. 543, Pt. B, §1 (AMD); PL 2005, c. 543, Pt. B, §15 (AFF).]
1. Not applicable. Title 13, sections 721, 722, 733, 736, 751, 762 and 763, section 771, subsection 2, paragraph A and section 772 do not apply.
[PL 2005, c. 302, §17 (AMD).]
Terms Used In Maine Revised Statutes Title 31 Sec. 811
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
2. Application. All references to:
A. Shareholders are deemed to be references to partners; [PL 1995, c. 633, Pt. B, §1 (NEW).]
B. Corporations or corporations organized or incorporated under the Professional Service Corporation Act are deemed to be references to professional limited liability partnerships; and [PL 1995, c. 633, Pt. B, §1 (NEW).]
C. Stock are deemed to be references to partnership interests. [PL 1995, c. 633, Pt. B, §1 (NEW).]
[PL 1995, c. 633, Pt. B, §1 (NEW).]
3. Revocation. Any provision for the forfeiture of articles of incorporation or dissolution is deemed to provide for revocation of the status of the partnership as a limited liability partnership.
[PL 1995, c. 633, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 1995, c. 633, §B1 (NEW). RR 2001, c. 2, §C5 (COR). RR 2001, c. 2, §C7 (AFF). PL 2005, c. 302, §17 (AMD). PL 2005, c. 543, §B1 (AMD). PL 2005, c. 543, §B15 (AFF).