Changes to Partnership Law in Ohio
H.B. 332 adopts a version of the Revised Uniform Partnership Act (1997) as new R.C. Chapter 1776 to govern new partnerships effective January 1, 2009, and existing partnerships that elect on and after that date to be governed by the Act and to govern all partnerships effective January 1, 2010. The chapter is cited as the “Ohio Uniform Partnership Act (1997). It repeals R.C. Chapters 1775., 1777., and 1779. effective January 1, 2010. Among other things, it: Specifies the general rules that apply regarding a person’s knowledge, notice, or receipt of notification of a fact; Generally provides that the partnership agreement, and the chapter to the extent not otherwise provided in the partnership agreement, governs the relations among the partners and between the partners and the partnership and specifies the provisions that the partnership agreement may not waive; Consolidates the provisions regarding the execution, filing, and recording of various statements and provides that the execution, amendment, or cancellation of a statement may be made by judicial order upon petition by an adversely affected person; Requires the appointment of a statutory agent for the service of any legal process, notice, or demand on a partnership that maintains an effective statement of partnership authority and provides the manner of that service, permits the service of legal process upon a partnership that has not filed a statement of partnership authority to be made on a partner, and provides the manner of service of legal process on a partner or liquidating trustee of a partnership.
For complete analysis of this H.B. 332, please click here.
admin @ November 13, 2008