093_SB0711eng SB711 Engrossed LRB093 03114 MBS 03131 b 1 AN ACT concerning partnerships. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Uniform Partnership Act is amended by 5 changing Section 8.3 as follows: 6 (805 ILCS 205/8.3) 7 Sec. 8.3. Applicability of Act to foreign and interstate 8 commerce. 9 (a) A partnership, including a registered limited 10 liability partnership, formed and existing under this Act, 11 may conduct its business, carry on its operations, and have 12 and exercise the powers granted by this Act in any state, 13 territory, district, or possession of the United States or in 14 any foreign country. 15 (b) It is the intent of the General Assemblylegislature16 that the legal existence of registered limited liability 17 partnerships formed and existing under this Act be recognized 18 outside the boundaries of this State and that a registered 19 limited liability partnership transacting business outside 20 this State and the laws of this State governing registered 21 limited liability partnerships be granted the protection of 22 full faith and credit under the Constitution of the United 23 States. 24 (c) It is the policy of this State that the internal 25 affairs of partnerships, including registered limited 26 liability partnerships, formed and existing under this Act, 27 including the liability of partners for debt, obligations, 28 and liabilities chargeable to partnerships, shall be subject 29 to and governed by the laws of this State. 30 (d) The changes made to this Section by Public Act 31 88-683 apply retroactively on and after August 11, 1994. SB711 Engrossed -2- LRB093 03114 MBS 03131 b 1 (Source: P.A. 88-573, eff. 8-11-94; 88-683, eff. 1-24-95; 2 88-691, eff. 1-24-95; 89-235, eff. 8-4-95.)