SB 70

Abstract

Sections 1 and 7. These sections amend Sections 15-108(d) and 15-1102(a)(1)(a) of the Act to clarify and confirm the distinction between domestic partnerships and foreign partnerships and to make certain other conforming changes. Section 2. This section amends Section 15-401(l) of the Act to confirm and clarify the broad power and authority of a partner to delegate any or all of the partner’s rights, powers and duties to manage and control the business and affairs of a partnership, including any core governance functions. Section 3. This section amends Section 15-901(a) of the Act relating to conversions to a partnership to confirm that the term "other entity" includes any incorporated or unincorporated business or entity (other than a domestic partnership). Section 4. This section amends Section 15-902(a) of the Act relating to mergers and consolidations to confirm that "other business entity" includes any incorporated or unincorporated business or entity (other than a domestic partnership). Section 5. This section amends Section 15-903(a) of the Act relating to a conversion of a partnership to confirm that a domestic partnership may convert to any incorporated or unincorporated business or entity (other than a domestic partnership). Section 6. This section amends Section 15-904(a) of the Act relating to the domestication of non-United States entities to confirm that the term "non-United States entity" includes any incorporated or unincorporated non-United States business or entity. Section 8. This section provides that the proposed amendments of the Act shall become effective August 1, 2017.