COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 1149-01
Bill No.: Perfected SB 310
Subject: Secretary of State: Business and Commerce
Type: Original
Date: March 3, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Office of Secretary of State- Corporations Division assume no fiscal impact.
Officials of the Office of Attorney General assume no fiscal impact.
Officials of the Department of Insurance assume no fiscal impact.
Officials of the Department of Labor and Industrial Relations assume no fiscal impact.
Oversight assumes no local fiscal impact.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
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.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of Attorney General
Office of Secretary of State- Corporations
Department of Insurance
Department of Labor and Industrial Relations
Mickey Wilson, CPA
Director
March 3, 2003