HB 1549 Summary

• Enacts the Uniform Limited Partnership Act (2001) and Revised Uniform Limited Liability Company Act (2006) by creating new articles IC 23-16.1 and IC 23-18.1, replacing existing limited partnership and LLC statutes.

• Requires biennial reports (instead of annual reports) for both limited partnerships and limited liability companies to the Secretary of State.

• Establishes transitional provisions allowing entities formed before July 1, 2011 to elect to be governed by the new acts; all entities must comply after July 1, 2012.

• Repeals the current limited partnership statute (IC 23-16) and limited liability company statute (IC 23-18) effective July 1, 2012.

• Takes effect July 1, 2011, with full implementation of the new framework by July 1, 2012.