S.B. 473 amends the limited partnership act to shift the presumption regarding dissolution in the case of the withdrawal of a general partner from one of partnership dissolution to a presumption of partnership continuance.
The bill was recommended by the Tax, Probate, and Corporation sections of the Kansas Bar Association. The bill was suggested as a result of a change in federal tax regulations which now permit a person to "check-a-box" regarding how they want to be taxed either as a corporation or as a partnership regardless of how the entity is legally organized.
The bill has no fiscal impact.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext-bill.html.