Ohio Code 1776.85 – Foreign limited liability partnership – governing law
Current as of: 2023 | Check for updates
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(A) The law under which a foreign limited liability partnership is formed governs relations among the partners and between the partners and the partnership and the liability of partners for obligations of the partnership.
Terms Used In Ohio Code 1776.85
- Business: includes every trade, occupation, and profession. See Ohio Code 1776.01
- Foreign limited liability partnership: means a partnership formed under laws other than the laws of this state and that has the status of a limited liability partnership under those laws. See Ohio Code 1776.01
- Limited liability partnership: means a partnership that files a statement of qualification under section 1776. See Ohio Code 1776.01
- 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.
- Partnership: means an association of two or more persons to carry on as co-owners a business for-profit formed under section 1776. See Ohio Code 1776.01
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States, except that as used in sections 1776. See Ohio Code 1776.01
- Statement: means a statement of correction or corrected statement under section 1776. See Ohio Code 1776.01
(B) A foreign limited liability partnership may not be denied a statement of foreign qualification by reason of any difference between the law under which the partnership was formed and the law of this state.
(C) A statement of foreign qualification does not authorize a foreign limited liability partnership to engage in any business or exercise any power that a partnership may not engage in or exercise in this state as a limited liability partnership.