DIGEST OF INTRODUCED BILL
Limited partnerships and liability companies. Enacts the Uniform Limited Partnership Act (2001) governing limited partnerships and limited liability limited partnerships. Enacts the Revised Uniform Limited Liability Company Act (2006) governing limited liability companies. Provides for biennial reports for both limited partnerships and limited liability companies instead of the annual reports required by both the model Uniform Limited Partnership Act and the model Revised Uniform Limited Liability Company Act. Specifies transitional provisions. Repeals the limited partnership statute in current law on July 1, 2012. Repeals the limited liability company statute in current law on July 1, 2012.