92nd General Assembly
Summary of SB2049
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Short description: 
UNIFORM PARTNERSHIP ACT (1997)                                             

Synopsis of Bill as introduced:
        Creates the Uniform Partnership Act (1997) to replace the Uniform      
   Partnership Act.  The new Act adds provisions concerning  continuation      
   of  a  partnership after a partner's dissociation; fiduciary duties of      
   partners; public filing of  statements  containing  basic  information      
   about  a  partnership;  merger  of  partnerships;  and conversion of a      
   partnership to a limited partnership. Provides that a partnership  may      
   qualify  as  a  limited  liability  partnership  and  establishes  the      
   requirements  for  qualification.   Makes  the  new  Act applicable to      
   partnerships  formed  on  or  after  January  1,  2003  with   certain      
   exceptions;  makes  the  new Act applicable to all partnerships on and      
   after January 1, 2008.  Authorizes existing partnerships to  elect  to      
   be  governed  by  the new Act.  Amends the Uniform Partnership Act and      
   the Revised Uniform Limited Partnership Act to make conforming changes      
   and to  repeal  the  Uniform  Partnership  Act  on  January  1,  2008.      
   Effective January 1, 2003.                                                  
Last action on Bill: PUBLIC ACT.............................. 92-0740

   Last action date: JUL-25-2002

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status