Wisconsin Statutes 178.1001 – Governing law
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 178.1001
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) The governing law of a foreign limited liability partnership governs all of the following:
(a) The internal affairs of the partnership.
(b) The liability of a partner as partner for a debt, obligation, or other liability of the foreign partnership.
(2) A foreign limited liability partnership is not precluded from registering to do business in this state because of any difference between its governing law and the law of this state.
(3) Registration of a foreign limited liability partnership to do business in this state does not authorize the foreign partnership to engage in any business or exercise any power that a limited liability partnership may not engage in or exercise in this state.