Bill 509

                    Current Status

Bill Number:               509
Ratification Number:       72
Act Number                 44
Introducing Body:          Senate
Subject:                   Uniform Limited Partnership Act

(A44, R72, S509)

AN ACT TO AMEND THE TITLE TO ACT 533 OF 1986, RELATING TO THE UNIFORM LIMITED PARTNERSHIP ACT, SO AS TO MAKE CERTAIN TECHNICAL CORRECTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

Title corrected

SECTION 1. The title to Act 533 of 1986 is amended to read:

"AN ACT TO AMEND CHAPTER 42, TITLE 33, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE UNIFORM LIMITED PARTNERSHIP ACT, SO AS TO ADOPT A SHORT FORM NOTICE FILING CERTIFICATION INSTEAD OF THE LONG FORM CERTIFICATE; EXPAND THE INFORMATION THAT MUST BE KEPT ON FILE IN THE PLACE OF BUSINESS OF THE PARTNERSHIP; EXPAND THE 'SAFE HARBOR' POWERS OF LIMITED PARTNERS SO AS TO ENABLE LIMITED PARTNERS TO BARGAIN FOR GREATER VOTING POWERS; TO PROVIDE THAT ADDITIONAL GENERAL PARTNERS MAY BE ADDED WITH LESS THAN UNANIMOUS CONSENT BY THE OTHER PARTNERS; TO PROVIDE FOR A 'SAFE HARBOR' PROCEDURE BY WHICH LIMITED PARTNERSHIPS MAY BE MERGED; PROVIDE A 'SAFE HARBOR' LIST OF ACTIVITIES A FOREIGN LIMITED PARTNERSHIP CAN CONDUCT IN THIS STATE WITHOUT BEING REQUIRED TO REGISTER AS A FOREIGN LIMITED PARTNERSHIP; TO REQUIRE EACH LIMITED PARTNERSHIP TO KEEP A CURRENT LIST AND FULL NAME AND LAST KNOWN MAILING ADDRESS INSTEAD OF BUSINESS ADDRESS OF EACH PARTNER; TO PERMIT THE USE OF THE ABBREVIATION LP OR L.P. BY LIMITED PARTNERSHIPS; TO REQUIRE FOREIGN LIMITED PARTNERSHIPS TO REGISTER IN THIS STATE TO USE A NAME THAT CAN BE USED BY A LIMITED PARTNERSHIP FORMED IN THIS STATE; TO PROVIDE A REVISED ASSUMED NAME FILING REQUIREMENT APPLICABLE TO LIMITED PARTNERSHIPS; TO ESTABLISH A FEE SCHEDULE FOR FILING LIMITED PARTNERSHIP CERTIFICATES AND OBTAINING COPIES OF CERTIFICATES AND AMENDMENTS; AND TO MAKE TECHNICAL MODIFICATIONS AND CLARIFY AMBIGUITIES; TO AMEND ARTICLE 1 OF CHAPTER 5 OF TITLE 15, RELATING TO GENERAL PROVISIONS CONCERNING PARTIES IN A CIVIL ACTION, BY ADDING SECTION 15-5-45 SO AS TO AUTHORIZE ANY PARTNERSHIP TO SUE AND BE SUED IN ITS OWN NAME; TO AMEND SECTION 33-41-370, RELATING TO THE LIABILITY OF PARTNERS OF PARTNERSHIPS UNDER THE UNIFORM PARTNERSHIP ACT, SO AS TO MAKE PARTNERS JOINTLY AND SEVERALLY LIABLE FOR EVERYTHING CHARGEABLE TO THE PARTNERSHIP; AND TO ESTABLISH TRANSITION PROVISIONS WHICH GOVERN ALL LIMITED PARTNERSHIPS."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.