MODERNIZED LAWS FOR NON-CORPORATE ENTITIES
On November 21, 2016 Act 107 was adopted by the Pennsylvania legislature, effective February 21, 2017, adopting a new partnership act, a new limited partnership act, and a new limited liability company act (LLCs). In addition revisions were made to the laws governing limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs). LLPs and LLLPs are widely used by…