093_SB0711eng

 
SB711 Engrossed                      LRB093 03114 MBS 03131 b

 1        AN ACT concerning partnerships.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Uniform Partnership  Act  is  amended  by
 5    changing Section 8.3 as follows:

 6        (805 ILCS 205/8.3)
 7        Sec. 8.3.  Applicability of Act to foreign and interstate
 8    commerce.
 9        (a)  A   partnership,   including  a  registered  limited
10    liability partnership, formed and existing  under  this  Act,
11    may  conduct  its business, carry on its operations, and have
12    and exercise the powers granted by this  Act  in  any  state,
13    territory, district, or possession of the United States or in
14    any foreign country.
15        (b)  It is the intent of the General Assembly legislature
16    that  the  legal  existence  of  registered limited liability
17    partnerships formed and existing under this Act be recognized
18    outside the boundaries of this State and  that  a  registered
19    limited  liability  partnership  transacting business outside
20    this State and the laws of this  State  governing  registered
21    limited  liability  partnerships be granted the protection of
22    full faith and credit under the Constitution  of  the  United
23    States.
24        (c)  It  is  the  policy  of this State that the internal
25    affairs  of  partnerships,   including   registered   limited
26    liability  partnerships,  formed and existing under this Act,
27    including the liability of partners  for  debt,  obligations,
28    and  liabilities chargeable to partnerships, shall be subject
29    to and governed by the laws of this State.
30        (d)  The changes made  to  this  Section  by  Public  Act
31    88-683 apply retroactively on and after August 11, 1994.
 
SB711 Engrossed             -2-      LRB093 03114 MBS 03131 b
 1    (Source:  P.A.  88-573,  eff.  8-11-94; 88-683, eff. 1-24-95;
 2    88-691, eff. 1-24-95; 89-235, eff. 8-4-95.)