LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 78TH LEGISLATIVE REGULAR SESSION

May 8, 2003

TO:	Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM:	John Keel, Director, Legislative Budget Board
IN RE:	HB1637 by Oliveira (relating to the formation, organization, management, and records of certain business organizations. ), Committee Report 2nd House, Substituted

No significant fiscal implication to the State is anticipated. 

This bill amends the Texas Limited Liability Company Act [TLLCA], the Texas Revised Limited Partnership Act [TRLPA], the Texas Revised Partnership Act [TRPA], and the Texas Government Code [TGC]. The bill would amend the TRLPA to broaden the types of persons who may act as a registered agent for the limited partnership and to ease partnership name requirements. The Act amends the TRPA to ease requirements for registered limited liability partnership names. The Act also amends the TGC to specifically provide that the Secretary of State [SOS] permanently retain as a public record any instrument or the information included in any instrument that is filed with the SOS in connection with the formation of any entity. Although the bill requires some minor modifications to the SOS's computer system and filing transactions, it has no significant fiscal implications for the agency.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

307 Secretary of State

LBB Staff:

JK, JRO, MS, JF