91st General Assembly
Status of HB2876
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 Full Text  Bill Summary

   New Act                                                                     
   805 ILCS 205/Part VII heading new                                           
   805 ILCS 205/90 new                                                         
   805 ILCS 205/95 new                                                         
   805 ILCS 210/201          from Ch. 106 1/2, par. 152-1                      
   805 ILCS 210/805 new                                                        
   805 ILCS 210/1204         from Ch. 106 1/2, par. 162-4                      

        Creates the Uniform Partnership Act (1994) to replace the Uniform      
   Partnership Act.  The new Act adds provisions concerning  continuation      
   of  a  partnership after a partner's dissociation; fiduciary duties of      
   partners; public filing of  statements  containing  basic  information      
   about  a  partnership;  merger  of  partnerships;  and conversion of a      
   partnership to a limited partnership. Provides that a partnership  may      
   qualify  as  a  limited  liability  partnership  and  establishes  the      
   requirements  for  qualification.   Makes  the  new  Act applicable to      
   partnerships formed after January 1,  2000  with  certain  exceptions;      
   makes  the new Act applicable to all partnerships on and after January      
   1, 2005.  Authorizes existing partnerships to elect to be governed  by      
   the  new  Act.   Amends  the  Uniform  Partnership Act and the Revised      
   Uniform Limited Partnership Act to  make  conforming  changes  and  to      
   repeal  the  Uniform  Partnership  Act  on January 1, 2005.  Effective      
   January 1, 2000.                                                            
   99-05-27  H  FILED WITH CLERK                                               
   99-06-02  H  FIRST READING                                                  
   99-06-02  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   01-01-09  H  SESSION SINE DIE                                               


 Full Text  Bill Summary