SB77 Summary

• Amends Section 10-9C-1206 of the Alabama Code to change the mandatory effective date for the Alabama Uniform Limited Partnership Act from January 1, 2012 to January 1, 2011, aligning it with the effective date of the Alabama Business and Nonprofit Entities Code.

• Allows existing limited partnerships formed before January 1, 2010 to elect coverage under the new uniform act, with such elections effective January 1, 2010 or on a later date specified in 2010.

• Limited partnerships formed before January 1, 2010 that do not make an election continue to be governed by prior law (Chapter 9B) until January 1, 2011, when the new uniform act governs all remaining limited partnerships.

• Provides transition rules for elected partnerships regarding partnership duration, certificate amendments, limited partner rights, general partner expulsion, and dissolution provisions during the interim period.

• Takes effect immediately upon passage and approval by the Governor.