AL HB115

Amends Section 10-9C-1206 of the Alabama Code to change the effective date when the Uniform Limited Partnership Act governs all limited partnerships from January 1, 2012, to January 1, 2011.

Limited partnerships formed on or after January 1, 2010, are governed by the new uniform act; limited partnerships formed before January 1, 2010, may elect to be subject to the new chapter with an effective date of January 1, 2010.

Establishes transition rules for pre-2010 limited partnerships that allow them to maintain certain provisions under prior law unless partners elect otherwise, including rules on partnership duration, certificate amendments, partner dissociation, and general partner expulsion.

Provides that limited partnerships formed before January 1, 2010, that elect to adopt the new chapter will have new liability provisions for general partners apply to third parties based on when business was conducted and whether third parties received notification of the election.

Specifies that without an election, limited partnerships formed before January 1, 2010, continue under Chapter 9B until January 1, 2011, when the new uniform act automatically governs all limited partnerships.