NOTE: The governor signed this measure on 6/6/2016.
      
      
      HOUSE BILL 16-1333
      
      
      BY REPRESENTATIVE(S) Lee, Arndt, Brown, Kraft-Tharp, Pabon,
      Rosenthal, Williams;
      also SENATOR(S) Scheffel and Heath.
      
      
      Concerning laws governing partnerships codified in title 7 of the
           Colorado Revised Statutes.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, add 7-62-110 as
      follows:
      
           7-62-110.  Statute of frauds - applicability. A partnership
      agreement is not subject to any statute of frauds, including
      section 38-10-112, C.R.S., regarding void agreements, but not
      including any requirement under this article that a particular
      action or provision be reflected in a writing.
      
           SECTION 2.  In Colorado Revised Statutes, 7-64-103, add (3) as
      follows:
      
           7-64-103.  Effect of partnership agreement - nonwaivable
      provisions - statute of frauds. (3)  A partnership agreement is not
      subject to any statute of frauds, including section 38-10-112,
      C.R.S., regarding void agreements, but not including any
      requirement under this article that a particular action or
      provision be reflected in a writing.
      
           SECTION 3.  In Colorado Revised Statutes, amend 7-62-1104 as
      follows:
      
           7-62-1104.  Rules for cases not provided for in this article -
      registration as limited liability limited partnership. (1)  For any
      limited partnership formed under this article on or after the
      effective date of this subsection (1), as amended, article 64 of this
      title governs to the extent applicable in any case not otherwise
      provided for in this article.
      
           (1) (2)  For any limited partnership formed under this
      article before the effective date of this subsection (2), as
      amended, in any case not provided for in this article, the provisions of
      either article 60 or 64 of this title shall govern governs, to the extent
      applicable, as follows:
      
           (a)  A limited partnership may elect to be governed by article 64 of
      this title by delivering to the secretary of state, for filing pursuant to part 3
      of article 90 of this title, a certificate of limited partnership or a certificate
      of amendment of limited partnership that includes a declaration that it
      elects to be governed by such article. If the election is made by a certificate
      of amendment, the certificate of amendment shall must be approved by all
      general partners, notwithstanding section 7-62-204 (1) (b).
      
           (b)  A limited partnership that has made the election in paragraph (a)
      of this subsection (1) shall be (2) is governed by article 64 of this title.
      
           (c)  A limited partnership that has not made the election in paragraph
      (a) of this subsection (1) shall be (2) is governed by article 60 of this title.
      
           SECTION 4.   In Colorado Revised Statutes, amend 7-60-144.5 as
      follows:
      
           7-60-144.5.  Statement of partnership authority or statement of
      denial. With respect to a partnership governed by this article or a limited
      partnership that has not made the election provided for in section 7-61-129
      (1) (a) or 7-62-1104 (1) (a) (2) (a), a statement of partnership authority may
      be delivered to the secretary of state pursuant to section 7-64-303, and a
      statement of denial may be delivered to the secretary of state pursuant to
      section 7-64-304, as if the partnership were governed by article 64 of this
      title or the limited partnership had made the election. Such statements shall
      have the effects specified in sections 7-64-303 and 7-64-304, respectively.
      
           SECTION 5.  Act subject to petition - effective date -
      applicability. (1)  This act takes effect at 12:01 a.m. on the day following
      the expiration of the ninety-day period after final adjournment of the
      general assembly (August 10, 2016, if adjournment sine die is on May 11,
      2016); except that, if a referendum petition is filed pursuant to section 1 (3)
      of article V of the state constitution against this act or an item, section, or
      part of this act within such period, then the act, item, section, or part will
      not take effect unless approved by the people at the general election to be
      held in November 2016 and, in such case, will take effect on the date of the
      official declaration of the vote thereon by the governor.
      
           (2)  This act applies to conduct occurring on or after the applicable
      effective date of this act.
      
      
      
      
      ________________________________________________________
      Dickey Lee Hullinghorst                Bill L. Cadman
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                            Effie Ameen
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO