The bill amends existing laws regarding the ownership and licensing of package stores and retail spirits licenses in Oklahoma. It updates statutory language to allow limited partnerships and limited liability partnerships to hold retail spirits licenses. Additionally, it permits existing retail spirits licensees organized as limited partnerships to convert to limited liability partnerships without needing to reapply for a license or suspend operations, provided they notify the Alcoholic Beverage Laws Enforcement Commission within ninety days of the conversion. The bill also clarifies that each partner in these partnerships must be a natural person and prohibits ownership of such partnerships by corporations or similar entities.

Furthermore, the bill makes several amendments to the definition and classification of limited liability partnerships, ensuring they are recognized distinctly from limited liability companies. It specifies that no state officer or agency can classify a limited liability partnership as similar to a limited liability company, affirming that they are governed by different legal frameworks. The effective date for these changes is set for November 1, 2025.