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Senate Bill 859 |
Senate Author: Eltife |
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Effective: See below |
House Sponsor: Oliveira et al. |
Senate Bill 859 amends the Business Organizations Code to revise and clarify certain provisions relating to partnerships and limited liability companies. Among other provisions, the bill replaces the annual registration renewal requirement for a limited liability partnership with an annual report requirement and provides for the irrevocability of certain powers of attorney concerning a partnership or limited liability company. The bill takes effect September 1, 2015, except for provisions relating to the registration and reporting requirements for a limited liability partnership, which take effect January 1, 2016.