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Mr. President:
The Business and Labor Committee reports a favorable recommendation on S.B. 256,
UNINCORPORATED BUSINESS ENTITIES ACT AMENDMENTS, by Senator L. Hillyard,
with the following amendments and recommends it be considered read for the second time and
placed on the Consent Calendar.
John L. Valentine
Voting: 6-0-2
1. Page
3, Line 83 through Page 4, Line 94
:
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(4) With respect to a limited partnership that elects pursuant to Subsection (1)(b) to
be
84
subject to this chapter, after the election takes effect the provisions of this chapter relating
to
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the liability of the limited partnership's general partners to third parties apply:
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(a) before
July 1, [2012] 2013
}
January 1, 2015
, to:
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(i) a third party that had not done business with the limited partnership in the year
88
before the election took effect; and
89
(ii) a third party that had done business with the limited partnership in the year
before
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the election took effect only if the third party knows or has received a notification of the
91
election; and
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(b) on and after
July 1, [2012] 2013
}
January 1, 2015
, to all third parties, but those
provisions remain
93
inapplicable to any obligation incurred while those provisions were inapplicable under
94
Subsection (4)(a)(ii).
Respectfully,
Committee Chair
4 SB0256.SC1.wpd /BRH PO/BRH 2/14/12 4:14 pm