SB 0310 Revises the partnership, limited partnership, and limited liability company laws
LR Number:1149S.01P Fiscal Note:1149-01
Committee:Judiciary and Civil & Criminal Jurisprudence
Last Action:04/09/03 - HCS Voted Do Pass H Job Creation and Economic Journal page:
Development Committee
Effective Date:August 28, 2003
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Current Bill Summary

SB 310 - This act adds a section regarding what law to apply when dealing with general partnerships. The act:

- Replaces the phrase "constituent estate" with "constituent entity" and modifies subsections 2 and 3 of section 347.720, RSMo, to only apply to limited partnerships or limited corporations.

- Removes the liability of a partner of a limited liability partnership from the actions of any person under the partner's direct supervision and control;

- Provides an avenue for a domestic general partnership to merge or consolidate into one or more general partnerships, domestic or foreign limited partnerships, limited liability companies, trusts, business trusts, corporations, real estate investment trusts and other associations or business entities. Further, the act establishes a procedure for approval of the merger or consolidation. If the merger or consolidation is of one or more domestic partnerships into a surviving partnership this act establishes filing requirements with the Secretary of State; and

- Establishes a procedure for domestic limited partnership regarding the approval of a merger or consolidation.