Partnerships

Passed

P SB881

Uniform Partnership Act statements. Establishes the requirements for renewing a statement of partnership authority filed with the State Corporation Commission, and clarifies other provisions of the Uniform Partnership Act regarding the filing of statements of partnership authority, dissociation, dissolution, and merger. The filing of a renewal will restart the five-year effective life of a statement of partnership authority. A statement of partnership authority must be amended whenever the partnership changes its name. A statement of partnership authority must be filed prior to the filing of a statement of dissociation or dissolution. Statements of merger must be executed by each party to the merger, and are only effective as to a partnership that has a statement of partnership authority on file with the Commission. Finally, the measure provides that the term "statement," for purposes of the Uniform Partnership Act, includes a renewal of a statement of partnership authority.
Patron - Wampler

P SB945

Limited partnerships and limited liability partnerships. Clarifies that the cancellation of a limited partnership's certificate of limited partnership or a foreign limited partnership's certificate of registration to transact business as a limited partnership automatically cancels its registration as a domestic or foreign registered limited liability partnership. The method for, and effect of, restoration of status are set out. The measure also includes provisions requiring (i) that the registering partnership's name complies with current requirements; (ii) that a registering partnership identifies its State Corporation Commission identification number, if any; (iii) a statement of the principal office's street address, if one exists; and (iv) a limited partnership to list in its statement of registration the registered office and registered agent on file with the Commission.
Patron - Colgan

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