SB 1008 Summary

• Authorizes engineers and land surveyors to form registered and foreign limited liability partnerships, effective January 1, 2016, in addition to existing allowances for accountants, lawyers, and architects.

• Requires limited liability partnerships providing engineering or land surveying services to maintain minimum security of $1,500,000 (for five or fewer licensees) plus $100,000 per additional licensee, up to $5,000,000 maximum, through insurance, cash reserves, or partner guarantees.

• Permits partnerships to satisfy security requirements through alternative compliance methods including maintaining net worth of at least $10,000,000, with annual confirmation to the Secretary of State.

• Applies the same business formation and operational requirements to engineering and land surveying partnerships as existing professional limited liability partnerships, including ownership restrictions and licensing requirements.

• Specifies all provisions expire January 1, 2016, unless subsequently extended by later legislation enacted before that date.