N.Y. Partnership Law 121-1503 – Transaction of business outside the state
§ 121-1503. Transaction of business outside the state. (a) It is the intent of the legislature that the registration of a partnership without limited partners as a registered limited liability partnership under this article shall be recognized beyond the limits of this state and that such registered limited liability partnership may conduct its business or activities, carry on its operations, and have and exercise the powers granted by this article in any state, territory, district or possession of the United States or in any foreign country and that, subject to any reasonable registration requirements any such registered limited liability partnership transacting business outside this state and the laws of this state governing such registered limited liability partnership shall be granted the protection of full faith and credit under section 1 of Article IV of the Constitution of the United States.
Terms Used In N.Y. Partnership Law 121-1503
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(b) It is the policy of this state that the internal affairs of a partnership without limited partners registered as a registered limited liability partnership under this article and the liability of partners in a registered limited liability partnership for debts, obligations and liabilities of, or chargeable to, the registered limited liability partnership shall be subject to and governed by the laws of this state, including the provisions of this article.