LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION

March 18, 2013

TO:	Honorable René Oliveira, Chair, House Committee On Business & Industry
FROM:	Ursula Parks, Director, Legislative Budget Board
IN RE:	HB1929 by Oliveira (Relating to business entities and associations.), As Introduced

No significant fiscal implication to the State is anticipated.

This bill would amend various chapters of the Business Organizations Code relating to business entities and associations. Under provisions of the bill, amendments are made to certificates of organization, limiting or eliminating liability in partnerships and limited liability companies, distributions by corporations, company agreements, the power of series, and the provision of rights to third persons in partnerships agreements. The bill would also repeal Section 24.003(c) of the Business and Commerce Code, relating to the insolvency of partnerships.

The Comptroller of Public Accounts and the Secretary of State indicate the provisions of the bill could be implemented within existing resources.
 
This bill would take effect on September 1, 2013.

Local Government Impact

No significant fiscal implication to units of local government is anticipated.

Source Agencies:

302 Office of the Attorney General, 304 Comptroller of Public Accounts, 307 Secretary of State

LBB Staff:

UP, RB, EP, CK