Overhauling laws that are 25+ years old, Act 170 provides new and current businesses with a legal guide that is cleaner and easier to use.
This new law means big changes for your practice. Join the attorneys who drafted this new legislation as they take apart Act 170, one provision at a time.
- General Partnerships,
- Entity status, Certificates of authority, Duties of care and loyalty
- Limited Partnerships
- LLPs and LLLPs
- “Full shield” protection for general partners,
- Distribution tests, Satisfaction of creditors upon liquidation
- Limited Liability Companies
- How to modify the statutory default rules (with a few notable exceptions) by careful drafting of the contract among the owners
- Governance rights versus economic rights—the critical difference
- Nonprofit limited partnerships and LLCs