The bill amends existing laws regarding the ownership and licensing of package stores and retail spirits licenses in Oklahoma. It specifically updates Section 2-156 of Title 37A of the Oklahoma Statutes to allow limited partnerships and limited liability partnerships to hold retail spirits licenses. The bill also facilitates the conversion of existing retail spirits licensees organized as limited partnerships to limited liability partnerships without the need for reapplication or business suspension, provided they notify the Alcoholic Beverage Laws Enforcement (ABLE) Commission within 90 days of the conversion. Additionally, it mandates that all partners in these partnerships be disclosed to the ABLE Commission and clarifies that such partnerships cannot be owned by corporations or similar entities.

Furthermore, the bill amends Section 1-1001 of Title 54 to clarify the status of limited liability partnerships, emphasizing that they are distinct from limited liability companies. It establishes that no state officer or agency can classify a limited liability partnership as similar to a limited liability company, reinforcing the legal distinction between these two forms of business entities. The effective date for these changes is set for November 1, 2025.