HB 16-1333 Summary

• Partnership agreements are exempt from statute of frauds requirements under Colorado law, including Section 38-10-112 C.R.S., unless the partnership agreement itself requires particular actions or provisions be in writing

• Limited partnerships formed on or after the effective date are governed by Article 64 of Title 7, C.R.S., for matters not otherwise provided in their governing article

• Limited partnerships formed before the effective date may elect to be governed by Article 64 by filing a certificate of limited partnership or certificate of amendment with the Secretary of State, with amendment certificates requiring approval by all general partners

• Partnerships that have not made the Article 64 election may file statements of partnership authority and statements of denial under Article 64 procedures, which will have the same legal effects as if the partnership were governed by Article 64

• The act takes effect August 10, 2016, unless a referendum petition is filed, in which case it requires voter approval at the November 2016 general election