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House updates limited‑partnership law, adds filing and annual report requirements (HB 107)
Summary
Legislators approved HB 107 to modernize Utah's Uniform Limited Partnership Act—introducing central filing, annual reports and registration of foreign limited partnerships—and estimated recurring fee revenue; the bill passed the House 66‑7.
The Utah House on Jan. 14 passed H.B. 107, a package of revisions to the state’s limited‑partnership law that supporters said would modernize filings, allow central registration, require an annual report and create clearer administrative authority.
Sponsor representatives explained the bill updates a statute largely unchanged since 1921 and aligns Utah law with more recent versions adopted in many states and by the Uniform Law Commission. The measure permits centralized filing for limited partnerships instead of county filings, authorizes registration of foreign limited partnerships, adjusts partners’ permitted activities and enables derivative suits by partners.
Representatives emphasized administrative benefits and revenue implications. Sponsor discussion noted an annual reporting requirement and a modest fee parallel to corporate filings; the sponsor estimated the change could generate approximately $250,000 per year in revenue from filing and report fees. Questions from colleagues centered on whether the bill changes taxation of partnerships (it does not) and how existing partnerships would be treated—sponsors said current partnerships would be grandfathered and agencies would notify registered agents of new requirements.
After questions about notification and administrative implementation were addressed on the floor, the House passed H.B. 107 as amended, 66‑7, and transmitted it to the Senate for further action.
What’s next: The Senate will consider the bill; implementing rules and fee schedules (sponsor referenced a $15 annual fee in discussion) will determine administrative effects on the Division of Corporations and registered entities.
