Changes to Existing Law

48-7-1106. (a) A limited partnership may become aA limited liability limited partnership by may be qualified or formed as follows: (1) An existing limited partnership, in order to qualify as a limited liability limited partnership by: (1) partnership, must: (a) Obtaining Obtain approval of the terms and conditions of the limited partnership becoming a limited liability limited partnership by the vote necessary to amend the limited partnership agreement except, in the case of a limited partnership agreement that expressly considers contribution obligations, the vote necessary to amend those provisions, except in a limited partnership with an agreement that expressly considers contribution obligations, in which case by the vote necessary to amend the contribution obligation provisions; (2) (2)(b) Filing File a statement of qualification under subsection 48-7A-1001(c) of the Uniform Partnership Act; Act pursuant to § 48-7A-1001; and (3) (3)(c) Having Have as the last words or letters of its name the words "Registered Limited Liability Limited Partnership," or the abbreviation "L.L.L.P.," or the designation "LLLP." (b) "LLLP;" and (b)(d) A limited liability limited partnership continues to be Continue as the same entity that existed before the filing of a statement of qualification under pursuant to § 48-7A-1001(c) of the Uniform Partnership Act. (2) Alternatively, a limited liability limited partnership may be formed directly by filing a certificate of limited liability limited partnership pursuant to section of this Act. (c) Subsections 48-7A-306(c) and 48-7A-307(b) of the Uniform Partnership Act apply to both general and limited partners of a limited liability limited partnership. Section § 48-7-303 also applies to limited partners. Upon qualification or formation, the entity is a limited partnership and a limited liability limited partnership for all purposes of this chapter. 5