DE HB340

Restricts use of the word "bank" or variations thereof in limited partnership names, except for entities under state banking supervision or federal bank holding company regulation.

Clarifies that partnership agreements may be made effective as of the filing date of the certificate of limited partnership or at other times specified in the agreement.

Requires disclosure of the type of business entity involved in merger or consolidation transactions for limited partnerships.

Mandates removal of "Limited Liability Limited Partnership," "L.L.L.P.," or "LLLP" designations from partnership names when canceling limited liability status while remaining a Delaware limited partnership.

Exempts obligations between partners arising under partnership agreements from usury law defenses and clarifies service of process address requirements for transferred or domesticated partnerships.