In June 2005, the Florida legislature passed Senate Bill 1056 which was later signed into law by Governor Bush. The law is comprised of three primary parts:
(1) Revisions to the limited partnership law in Florida to create the Florida Revised Uniform Limited Partnership Act (2005). Revisions include increased protection from liability for limited partners and more convenient organization of limited partnerships.
(2) Updates to other portions of the Florida statues dealing with corporations and other business entities allowing these organizations to more easily convert into other Florida and non-Florida business entities in one step. For example, a Florida limited liability company (LLC) will now be able to convert into a Florida corporation, or into Delaware corporation, in one easy step. Note that there are a few restrictions to conversions such as the exclusion of not-for-profit corporations.
(3) Clarifies certain provisions of the Florida business entity statues, fixing parts of the statutes that have been previously regarded as unclear or problematic.