Resolution of tax issues enhances the viability of New York's RLLP entity.

Discusses the Internal Revenue Service's (IRS) Rev. Rul. 95-55,1995-35 IRB 13, on the federal income tax consequences of a general partnership's becoming a registered limited liability partnership (RLLP) under New York law. Limitation of a partner's personal liability to certain obligations; Tax and non-tax considerations; Significance to professional and general partnerships.