Senate Bill 89 Summary

• Creates "registered series" of limited partnerships by filing a certificate with the Secretary of State, which function as associations with separate liability protection similar to existing "protected series"

• Enables limited partnerships to divide into multiple new partnerships through a division process, with allocation of assets and liabilities specified in a plan of division

• Allows conversion between protected series and registered series, and permits registered series to merge or consolidate with each other

• Establishes "statutory public benefit limited partnerships" that must balance partner profits with identified public benefits, requiring biennial reporting and allowing derivative suits by limited partners

• Modernizes documentation and signing requirements by permitting electronic transmissions and signatures for partnership transactions, and adjusts fees for filing various certificates and obtaining good standing certificates for registered series