Change in Florida Partnership Law

The Florida legislature passed this session a new Revised Uniform Limited Partnership Act. The Act was signed by Gov. Bush on June 20, 2005, and the Act became effective July 1, 2005. The new law potentially affects all family limited partnerships. The purpose of the new law is incorporation of reforms of the model parternship act developed by the National Conference of Commissioners on Uniform State Laws. The main practical effects concern mergers of different business entities. I have not read the full text of the bill, but summaries of the new law indicate no change in asset protection features of limited partnerships in Florida. The new bill is CS/SB 1056. More information is available at Florida's government website: http://www.leg.state.fl.us/Welcome/index.cfm