DE SB115

Adds a definition of "foreign partnership" to § 15-101 of the Delaware Revised Uniform Partnership Act and corrects a typographical error in the definition of "partnership agreement."

Establishes that a subscription for a partnership interest may be irrevocable if the subscription explicitly states it is irrevocable to the extent provided by the subscription's terms.

Clarifies that amendments to a partnership agreement or adoption of a new partnership agreement in connection with a merger or consolidation apply only to the surviving or resulting partnership, not to constituent partnerships that do not survive.

Confirms that annual reporting requirements under § 15-1003(b) apply to foreign limited liability partnerships authorized to transact business in Delaware.

Takes effect August 1, 2023.