DE SB116

Adds safe harbor procedure in § 17-106(e) allowing limited partnerships to ratify void or voidable acts and transactions, or waive failures to comply with partnership agreement requirements, reversing prior case law that void acts could not be ratified.

Amends § 17-305(f) to clarify that limited partners' right to obtain information for a stated purpose is limited to information "necessary and essential" to achieving that purpose, unless the partnership agreement expands or restricts this right.

Modifies § 17-403(c) to allow general partners to delegate rights, powers, and duties regardless of conflicts of interest, and provides that delegatees are not deemed conflicted solely due to the delegating partner's conflict.

Amends §§ 17-1201 and 17-1202 to clarify requirements for statutory public benefit limited partnerships, including mandatory provisions in partnership agreements and certificates, and allows non-benefit partnerships to elect statutory public benefit status.

Repeals § 17-1203 entirely and makes conforming amendments to §§ 17-1204 and 17-1205 governing duties and reporting requirements for statutory public benefit limited partnerships; effective August 1, 2021.