Honorable John Carona, Chair, Senate Committee On Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB847 by Carona (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 partnership 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 September 1, 2013.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 307 Secretary of State