HB 1351 Summary

• Enacts the Uniform Limited Partnership Act (2001) governing limited partnerships and limited liability limited partnerships, effective July 1, 2010.

• Enacts the Revised Uniform Limited Liability Company Act (2006) governing limited liability companies, effective July 1, 2010.

• Requires biennial reports instead of annual reports for both limited partnerships and limited liability companies.

• Repeals the prior limited partnership statute (IC 23-16) and limited liability company statute (IC 23-18) on July 1, 2011, with transitional provisions for entities formed before July 1, 2010.

• Allows financial institutions to organize as limited liability companies subject to department approval and regulatory oversight.