House Bill 374 Summary

• Permits domestic partnerships to merge with corporations where the partnership owns at least 90% of outstanding stock, with a new "certificate of ownership and merger" filing mechanism replacing traditional consolidation procedures.

• Clarifies that partnership agreements are not subject to any statute of frauds requirements, including Section 2714 of Title 6.

• Allows service of process upon the Secretary of State by electronic transmission for domestic and foreign limited liability partnerships, with Secretary of State authorized to issue rules governing such service.

• Adds new Section 15-123 establishing when powers of attorney related to partnership matters are irrevocable and stating such powers are unaffected by death, disability, or bankruptcy of the principal.

• Requires foreign limited liability partnerships registering in Delaware to file a certificate of existence issued by their home jurisdiction (dated within 6 months prior), along with a certified translation if applicable.