SB 214 Modifies laws affecting limited liability companies, limited partnerships, and nonprofit companies
Sponsor: McKenna
LR Number: 0874S.01I Fiscal Note: 0874-01
Committee: Judiciary and Civil & Criminal Jurisprudence
Last Action: 1/17/2007 - Second Read and Referred S Judiciary and Civil & Criminal Jurisprudence Committee Journal Page: S115
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 214 - The act defines responsible persons for the purposes of tax liability for limited liability companies. The act eliminates certain duplicate filing requirements for articles of acceptance, articles of merger, and resignation of agents for nonprofit corporations.

If the general partners of a limited partnership withdraw and the remaining partners decide to continue the partnership, the act allows a new general partner to sign the certificate of amendment and attest to the specific event of withdrawal.