Revises law concerning partnerships, limited partnerships, and limited liability companies.

This bill makes various revisions to the laws governing partnerships, limited partnerships, and limited liability companies. The revisions permit partnerships and limited partnerships to convert to and from other business entities and clarify indemnification standards, address notice issues, and make certain other changes to the “Revised Uniform Limited Liability Company Act.” The bill eliminates the requirement that a limited liability company must have a member before it may be formed.

Revises law concerning partnerships, limited partnerships, and limited liability companies.

This bill makes various revisions to the laws governing partnerships, limited partnerships, and limited liability companies. The revisions permit partnerships and limited partnerships to convert to and from other business entities and clarify indemnification standards, address notice issues, and make certain other changes to the “Revised Uniform Limited Liability Company Act.” The bill eliminates the requirement that a limited liability company must have a member before it may be formed.