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IBCF: NEWS AND INFORMATION
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New Pending corporate legislation in the US
You may be interested in the following, recently-introduced bills from around the nation, originally reported by National Registered Agents, Inc. In conjunction with NRAI, IBCF can provide you with company formation and registered agent services in every US state efficiently and cost-effectively.
Kentucky House Bill 221
AN ACT relating to business entities.
Create seven new sections in KRS Chapter 275, the Kentucky Limited Liability Company Act, to authorize the creation of "series" limited liability companies; provide that the word "series" shall appear in the name of the company; provide that the written operating agreement can designate members, managers, or company interests as separate series with regard to specific property, assets, debts, liabilities, or profits or losses associated therewith, of the company...
Full Text accessible at: http://www.lrc.state.ky.us/record/04rs/HB221/bill.doc
Editor's Note: The following two cases appear to be conflicting responses to the reinstatement of the publication requirement for Limited Liability Companies (and other entities) in New York State. Please see http://www.ibcf.com/news/news102803-nypub.htm for a more complete discussion of the issue.
New York SB 5902
Requires the names and business addresses of the 10 people with the most valuable interests in a limited partnership, registered limited liability partnership, limited liability company, foreign limited liability company, foreign limited partnership, foreign limited liability partnership, professional service limited liability company or foreign professional service limited liability company to be published for four successive weeks in 2 newspapers in the county where the office of such business entity is located; such publication shall occur within 120 days of the establishment of the business; requires publication of the change in the names or addresses of such 10 people; eliminates provision prohibiting such a business from maintaining any cause of action if it fails to publish any such notice in a timely manner; such a business need only be in substantial, good faith compliance in order to conduct business.
Current Status: Introduced 1/12/04 and referred to committee on Senate Corporations, Authorities, and Commissions.
Full Text accessible at: http://assembly.state.ny.us/leg/?bn=S05902&sh=t
New York Senate Bill 2493
Eliminates the requirement that limited liability companies publish their articles of organization and that limited liability partnerships publish their registrations.
Current Status: January 7, 2004 referred to Committee on Corporations, Authorities and Commissions
Full Text accessible at: http://assembly.state.ny.us/leg/?bn=S01545&sh=t
Vermont Senate Bill 273
Authorizes LLC's formed under the laws of Vermont to designate a body of foreign law to govern the internal affairs of the company.
In Committee January 6, 2004
Full Text accessible at: http://www.leg.state.vt.us/docs/legdoc.cfm?URL=/docs/2004/bills/intro/S-273.HTM
Virginia House Bill 342
Business entities; conversions; mergers; registration. Requires different business entities involved in conversions or mergers to make certain filings with the State Corporation Commission (SCC). The bill expands what must be included in the application for registration, reentry, or reinstatement that must be filed with the SCC in order for a foreign business entity to transact business in Virginia. The bill also includes technical amendments.
Current Status: 01/14/04 House: Referred to Committee on Commerce and Labor
Full Text accessible at: http://leg1.state.va.us/cgi-bin/legp504.exe?041+ful+HB342
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