Text: HSB00568 Text: HSB00570 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 487.1103, Code 1999, is amended to read 1 2 as follows: 1 3 487.1103 CASES NOT PROVIDED FOR IN THIS CHAPTER. 1 4 In a case not provided for in this chapter, chapter4861 5 486A governs. 1 6 Sec. 2. NEW SECTION. 487.1301 LIMITED LIABILITY LIMITED 1 7 PARTNERSHIP. 1 8 1. A limited partnership may become a limited liability 1 9 limited partnership pursuant to this section. 1 10 2. The terms and conditions on which a limited partnership 1 11 becomes a limited liability limited partnership must be 1 12 approved by the vote necessary to amend the limited 1 13 partnership agreement except, in the case of a limited 1 14 partnership agreement that expressly considers obligations to 1 15 contribute to the limited partnership, by the vote necessary 1 16 to amend those provisions. 1 17 3. After the approval required by subsection 2, a limited 1 18 partnership may become a limited liability limited partnership 1 19 by filing a statement of qualification. The statement must 1 20 contain all of the following: 1 21 a. The name of the limited partnership. 1 22 b. The street address of the limited partnership's chief 1 23 executive office and, if different, the street address of an 1 24 office in this state, if any. 1 25 c. The address of a registered office and the name and 1 26 address of a registered agent for service of process in this 1 27 state, which the limited partnership is required to maintain 1 28 as provided in section 487.104. 1 29 d. A statement that the limited partnership elects to be a 1 30 limited liability limited partnership. 1 31 e. A deferred effective date, if any. 1 32 4. The filing of a statement of qualification establishes 1 33 that a limited partnership has satisfied all conditions 1 34 precedent to the qualification of the limited partnership as a 1 35 limited liability limited partnership. 2 1 5. A limited liability limited partnership continues to be 2 2 the same entity that existed before the filing of the 2 3 statement of qualification under subsection 3. 2 4 6. Section 486A.306, subsection 3, and section 486A.307, 2 5 subsection 4, apply to both general and limited partners of a 2 6 limited liability limited partnership in the same manner as 2 7 those provisions apply to a partnership and a partner under 2 8 chapter 486A. 2 9 Sec. 3. NEW SECTION. 487.1302 NAME. 2 10 The name of a limited liability limited partnership must 2 11 end with "Registered Limited Liability Limited Partnership", 2 12 "Limited Liability Limited Partnership", "R.L.L.L.P.", 2 13 "L.L.L.P.", "RLLLP", or "LLLP". 2 14 Sec. 4. EFFECTIVE DATE. Section 1 of this Act takes 2 15 effect on January 1, 2001. 2 16 EXPLANATION 2 17 This bill provides that a limited partnership may become a 2 18 limited liability limited partnership. The bill provides that 2 19 the terms and conditions on which a limited partnership 2 20 becomes a limited liability limited partnership must be 2 21 approved by the vote necessary to amend the limited 2 22 partnership agreement except, in the case of a limited 2 23 partnership agreement that expressly considers obligations to 2 24 contribute to the limited partnership, by the vote necessary 2 25 to amend those contribution provisions. Upon receiving such 2 26 approval a limited partnership may become a limited liability 2 27 limited partnership by filing a statement of qualification. 2 28 The bill sets forth the information to be included in the 2 29 statement of qualification. The bill provides that the filing 2 30 of a statement of qualification establishes that a limited 2 31 partnership has satisfied all conditions precedent to the 2 32 qualification of the limited partnership as a limited 2 33 liability limited partnership. The bill also provides that a 2 34 limited liability limited partnership continues to be the same 2 35 entity that existed before the filing of the statement of 3 1 qualification. 3 2 Section 1 of the bill corrects an internal citation from 3 3 Code chapter 486 to Code chapter 486A. Code chapter 486 is 3 4 repealed effective January 1, 2001, and Code chapter 486A will 3 5 govern all partnerships after that date. This section is 3 6 effective January 1, 2001. 3 7 LSB 5423HC 78 3 8 mj/cf/24
Text: HSB00568 Text: HSB00570 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Tue Feb 1 03:35:32 CST 2000
URL: /DOCS/GA/78GA/Legislation/HSB/00500/HSB00569/000131.html
jhf