STAND. COM. REP. NO.237

Honolulu, Hawaii

, 2001

RE: H.B. No. 603

H.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 603 entitled:

"A BILL FOR AN ACT RELATING TO LIMITED LIABILITY PARTNERSHIPS,"

begs leave to report as follows:

The purpose of this bill is to modernize the statutes governing limited liability partnerships (LLPs). This bill proposes amendments to chapter 425, Hawaii Revised Statutes, to:

(1) Correct discrepancies and ambiguities;

(2) Provide clarification and consistency in the administration of domestic and foreign LLPs, especially with regard to the correction or amendment of the statement of qualification as an LLP; and

(3) Charge a $20 fee for an agent's statement of change of registered office for each affected domestic or foreign LLP.

Testimony in support of this bill was received from the Business Registration Division of the Department of Commerce and Consumer Affairs (DCCA).

 

Your Committee finds that the LLP laws of the State contain errors and ambiguities that may result in confusion when LLP documents are filed with DCCA. This measure will help to eliminate confusion and promote consistent administration of LLPs in this state.

Your Committee has amended this bill by making technical, nonsubstantive amendments for purposes of style, clarity, and consistency.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 603, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 603, H.D. 1, and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,

____________________________

KENNETH T. HIRAKI, Chair