Partnerships

Passed

P HB780

Revised Uniform Limited Partnership Act. Reorganizes provisions of the Revised Uniform Limited Partnership Act regarding the winding up, cancellation, and reinstatement of limited partnerships. The revisions to the structure of the Act conform to the organization of the Virginia Stock and Nonstock Corporation Acts. Other provisions authorize the removal of the initial registered office and registered agent information in the certificate of limited partnership if a statement of change is on file with the Commission and make technical clarifications.
Patron - Kilgore

Failed

F HB1451

Limited partnerships; distributions of assets. Provides that, except as provided in the partnership agreement, upon the winding up of a limited partnership, its assets, after payment to creditors and to partners and former partners in satisfaction of certain liabilities, shall be distributed, when the winding up is due to an order of the State Corporation Commission, to partners respecting their partnership interests. If the winding up is due to another reason, the assets shall be distributed to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions. Currently, the distribution of such net assets is made to partners first for the return of their contributions and secondly respecting their partnership interests, without regard to what caused the winding up of the limited partnership.
Patron - Albo

CONTENTS | < PREVIOUS | NEXT > | BILL INDEX

General Assembly>Division of Legislative Services>Publications>Session Summaries>2008>Partnerships

E-mail Webmaster