HB 893 Uniform Partnership Act; created.
W. W. Bennett, Jr. | all patrons    ...    notes
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Summary:
Partnerships. Adopts the Uniform Partnership Act of 1994, approved by the National Conference of Commissioners on Uniform State Laws and the American Bar Association, with amendments approved by the Virginia Bar Association. Included in the Act is a new provision permitting partnerships to voluntarily file statements of partnership authority. Such statements can be used to limit the capacity of a partner to (i) act as agent for the partnership or (ii) transfer property on behalf of the partnership. Statements of partnership mergers and dissolutions may also be filed. All such statements are to be filed with the Virginia State Corporation Commission. The Act also articulates duties of loyalty and care to which each partner is to be held. Included are duties (i) not to do business on behalf of someone with an interest adverse to the partnership and (ii) to refrain from business in competition with the partnership.

The Act also provides that the dissociation of a partner from a partnership does not automatically result in the dissolution of the partnership. Subject to certain limitations set forth in the Act, the partnership may continue to do business without the dissociated partner.

The bill also sets forth provisions governing registered limited liability partnerships.

Full text:
01/22/96  House: Presented & ordered printed 961582128  pdf
02/05/96  House: Printed as engrossed 961582128-E  pdf
03/06/96  House: Bill text as passed House and Senate (HB893ER)  pdf
03/28/96  Governor: Acts of Assembly Chapter text (CHAP0292)  pdf

Amendments:
House amendments

Status:
01/22/96  House: Presented & ordered printed 961582128
01/22/96  House: Referred to Committee on Corporations, Insurance and Banking
02/01/96  House: Reported from C. I. B. w/amds. (22-Y 0-N)
02/02/96  House: Read first time
02/05/96  House: Read second time
02/05/96  House: Committee amendments agreed to
02/05/96  House: Engrossed by House as amended
02/05/96  House: Engrossment reconsidered by House
02/05/96  House: Amendment by Mr. Bennett agreed to
02/05/96  House: Title replaced
02/05/96  House: Reengrossed by House as amended
02/05/96  House: Printed as engrossed 961582128-E
02/06/96  House: Read third time and passed House (100-Y 0-N)
02/06/96  House: VOTE: PASSAGE (100-Y 0-N)
02/06/96  House: Communicated to Senate
02/07/96  Senate: Read first time
02/07/96  Senate: Referred to Committee on Commerce and Labor
02/19/96  Senate: Reported from Commerce and Labor (15-Y 0-N)
02/20/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/20/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/21/96  Senate: Read third time
02/21/96  Senate: Passed Senate (40-Y 0-N)
02/21/96  Senate: VOTE: PASSAGE (40-Y 0-N)
03/06/96  House: Bill text as passed House and Senate (HB893ER)
03/08/96  House: Enrolled
03/09/96  House: Signed by Speaker
03/10/96  Senate: Signed by President
03/20/96  Governor: Approved by Governor-Chapter 292 (effective 7/1/97)
03/28/96  Governor: Acts of Assembly Chapter text (CHAP0292)