UPA & RULPA-CORRECTION

Amends the Uniform Partnership Act (1997) and the Revised Uniform Limited Partnership Act. Establishes procedures for the correction of errors made by limited partnerships and limited liability partnerships; for the administrative dissolution of a limited partnership and the administrative cancellation of the application for admission of a foreign limited partnership; and for the reinstatement of a delinquent entity following its dissolution or cancellation. Specifies the types of activities that would not constitute transacting business in Illinois, for the purpose of registration by foreign limited liability partnerships. Clarifies that the Section providing for the reinstatement of a delinquent limited partnership does not apply to a limited partnership that has been either administratively dissolved or cancelled. Provides for a $50 fee for the filing of a certificate of cancellation of limited partnership. Effective July 1, 2003.