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DE HB343

Bill

Status

Passed

7/16/2020

Primary Sponsor

Sean Lynn

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Origin

House of Representatives

150th General Assembly

AI Summary

  • Corrects cross-references and clarifies naming requirements for limited partnerships and registered series to distinguish them from other Delaware entities, with allowance for consent-based name overlap.

  • Expands types of foreign entities that may serve as registered agents for domestic and foreign limited partnerships to include foreign limited liability partnerships and foreign limited liability limited partnerships.

  • Eliminates Secretary of State requirements to issue certified copies when registered agents change addresses or names, and streamlines the registered agent resignation and succession process by removing mandatory certification requirements.

  • Clarifies that limited partnerships may maintain records in electronic or digital form rather than paper, and confirms partnership agreements may provide for limited partner admission without statutory recording requirements.

  • Confirms no statutory appraisal rights exist for partnership interests in mergers, conversions, divisions, or asset sales unless otherwise provided in the partnership agreement or transaction documents.

Legislative Description

An Act To Amend Chapter 17, Title 6 Of The Delaware Code Relating To The Creation, Regulation, Operation And Dissolution Of Domestic Limited Partnerships And The Registration And Regulation Of Foreign Limited Partnerships.

Last Action

Signed by Governor

7/16/2020

Committee Referrals

Judiciary6/5/2020

Full Bill Text

No bill text available