Delaware – HB 124 (Chapter 73) amends the Revised Uniform Limited Partnership Act

August 1, 2013

HB 124 (Chapter 73) amends Title 6, Chapter 17 of The Revised Uniform Limited Partnership Act. 

Highlights of the bill include:

  • Effective 8/1/14 – Section 17-104(d) is amended to clarify that a limited liability limited partnership’s statement of qualification is cancelled 30 days after a resignation of agent is filed.
  • Effective 8/1/14 – Section 17-214 (b) is amended to clarify that when applying the Chapter 15 to a limited liability limited partnership all references to a limited liability partnership shall be deemed references to a limited liability limited partnership, all references to a partnership shall be deemed references to a limited partnership and all references to foreign partnerships, foreign limited liability partnership or statements of foreign qualification shall be disregarded.
  • Effective 8/1/14 – Section 17-214 (k) is added to require the filing of a reinstatement when a statement of qualification of a limited liability limited partnership has been cancelled due to resignation or enjoinment.  When a limited liability limited partnership is cancelled due to an agent resignation they must submit two certificates to bring them back into good standing: one for the limited partnership and one for the limited liability limited partnership.

The bill text can be accessed at http://legis.delaware.gov/LIS/lis147.nsf/vwLegislation/HB+124/$file/legis.html?open.