Bill No.: HB0056                  Drafter:  LGC

LSO No.:  07LSO-0052              Effective Date:  7/1/2007

Enrolled Act No.:  HEA0020

Chapter No.:       38

Prime Sponsor:     Joint Corporations, Elections and Political Subdivisions Interim Committee

Catch Title:       Limited liability limited partnerships.

Subject:           Permitting and recognizing limited liability limited partnerships.

Summary/Major Elements:

· The act allows for creation of foreign and domestic limited liability limited partnerships which are limited liability partnerships where the general partner is not personally liable for obligations of the limited liability partnership.

· The act permits a limited liability partnership to elect to become a limited liability limited partnership after creation.

· The act clarifies that an obligation based in contract is deemed to have arisen at the time the entity entered into the contract.