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P.O. BOX 145115 * SALT LAKE CITY, UTAH 84114-5115 * (801) 538-1035     February 14, 2012

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.

1.    Page 3, Line 83 through Page 4, Line 94 :    

             83          (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
             85      the liability of the limited partnership's general partners to third parties apply:
             86          (a) before

{   July 1, [2012] 2013   }        January 1, 2015       , to:

             87          (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
             90      the election took effect only if the third party knows or has received a notification of the
             91      election; and

             92          (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).


        John L. Valentine
        Committee Chair

Voting: 6-0-2
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