No More Excuses – Changes to Pennsylvania Associations Code and Realty Transfer Tax Rules Eliminate Justifications for Continued Ownership of Real Estate through General Partnerships

Rosenn Jenkins & Greenwald - Paul Rushton - No More Excuses

Due to certain changes under the rules governing the imposition of the Pennsylvania realty transfer tax and the Pennsylvania Associations Code over the past several years, the owners of parcels of real property in the name of a general partnership can now avail themselves of a simple method by which the general partnership can be converted into a limited liability entity without incurring any Pennsylvania realty transfer tax. By doing so, the owners can obtain the “full liability shield” that is available under Pennsylvania law to protect the owners from personal liability thereafter arising from the ownership of the real estate parcels.

To view an article on this subject that was prepared by Paul T. Rushton, our Managing Partner and a member of our Business & Finance Department, visit https://www.rjglaw.com/no-more-excuses-paul-rushton/.

If you have any questions about the conversion of a general partnership into a limited liability entity, please contact Paul via e-mail (prushton@rjglaw.com) or call (570)826-5623.