HB115 Alabama 2010 Session

Sponsors

Session

Regular Session 2010

Title

Limited partnerships, Uniform Limited Partnership Act, effective date for certain limited partnerships changed from January 1, 2012, to January 1, 2011, to coincide with the effective date of the new business and nonprofit entities code, Act 2009-621, 2009 Reg. Sess. am'd.; Sec. 10-9C-1206 am'd.

Description

Under existing law, Act 2009-621, the Alabama Uniform Limited Partnership Act 2010, adopted by the Legislature in the 2009 Regular Session, is effective on January 1, 2010, and governs all limited partnerships formed for the first time after January 1, 2010. Limited partnerships formed before January 1, 2010, may elect to be covered under the 2010 uniform act or under prior law. Under existing law, the 2010 uniform act also provides that after January 1, 2012, it governs all limited partnerships, regardless of when formed.

Also under existing law, Act 2009-513, the Alabama Business and Nonprofit Entities Code, revised, recast, and reorganized Title 10 of the Code of Alabama 1975, as Title 10A. The new business and nonprofit entities code governs limited partnerships formed pursuant to the 2010 uniform act. The Alabama Business and Nonprofit Entities Code is effective January 1, 2011.

This bill would change the date in which the Alabama Uniform Limited Partnership Act governs all limited partnerships from January 1, 2012 to January 1, 2011, so as to coincide with the effective date of the new business and nonprofit entities code. This bill would also allow any existing limited partnership that elects to be governed by the uniform act to be governed by it effective January 1, 2010, or on a later date in 2010.

Relating to limited partnerships; to amend Section of Act 2009-621, now appearing in part as Section 10-9C-1206, Code of Alabama 1975; to provide further for the effective date that the uniform act governs certain limited partnerships.

Subjects

Limited Partnerships