50-73.141 - Applicability of chapter to foreign and interstate commerce. - Virginia Statutes

§ 50-73.141. Applicability of chapter to foreign and interstate commerce.

A. A registered limited liability partnership may conduct its business, carryon its operations, and have and exercise the powers granted by this chapterin any state, territory, district, or possession of the United States or inany foreign country.

B. It is the policy of this Commonwealth that registered limited liabilitypartnerships formed pursuant to agreements governed by the laws of thisCommonwealth be recognized outside this Commonwealth and that the laws ofthis Commonwealth governing registered limited liability partnershipstransacting business outside this Commonwealth be granted the protection offull faith and credit under the Constitution of the United States.

C. It is the policy of this Commonwealth that in the case of a registeredlimited liability partnership the relations among the partners and betweenthe partners and the partnership, and the liability of partners for debts,obligations and liabilities chargeable to the partnership, shall be subjectto and governed by the laws of this Commonwealth.

D. Subject to any statutes for the regulation and control of specific typesof business, foreign registered limited liability partnerships may dobusiness in this Commonwealth.

E. It is the policy of this Commonwealth that in the case of a foreignregistered limited liability partnership (whether or not registered under §50-73.140) the relations among the partners and between the partners and thepartnership, and the liability of partners for debts, obligations andliabilities chargeable to the partnership, shall be subject to and governedby the laws of the jurisdiction that govern the agreement under which it wasformed.

(1996, c. 292.)