MS HB1244

Creates the Mississippi Uniform Limited Partnership Act to replace the existing 1987 Limited Partnership Act, establishing comprehensive rules for formation, governance, and dissolution of limited partnerships in Mississippi

Requires limited partnerships to file a certificate with the Secretary of State containing the partnership name, registered agent information, principal office address, general partner addresses, and whether it is a limited liability limited partnership (LLLP)

Provides that limited partners are not personally liable for partnership debts solely by reason of being a limited partner, even if participating in management, and establishes similar liability protection for general partners in LLLPs

Establishes procedures for partner dissociation, transferable interests, charging orders against partnership interests, and administrative dissolution with reinstatement available within two years upon curing defects and paying outstanding fees

Sets filing fees including $50 for certificate of limited partnership, $250 for foreign limited partnership registration, and $25 for name reservation, with the act taking effect July 1, 2015, and applying to all limited partnerships by January 1, 2017