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August 2017 Business Legislation Alerts

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Posted on by Kacy Flowers

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Several states have new business legislation taking effect during the month of August. Please see below for summaries of the laws that will go into effect in Arizona, Colorado, Delaware and North Dakota.

ARIZONA

Effective Date: August 9, 2017
Entities Affected: Various
Senate Bill 1272, effective August 9, 2017, among other things allows for electronic notice to business entities of all types or their statutory agent; specifically allows for electronic notice of administrative dissolution and reinstatement of business entities; suspends annual report filing requirements and associated penalties for non-filing for six months after the first date an application for withdrawal has been filed, even if the application has not been approved yet at the time the annual report becomes due; and provides for civil liability for making false or misleading filings with the Arizona Corporation Commission. View the bill text.

COLORADO

Effective Date: August 9, 2017
Entities Affected: Public Benefit Corporations
House Bill 1200, effective August 9, 2017, amends the law regulating public benefit corporations. View the bill text.

DELAWARE

Effective Date: August 1, 2017
Entities Affected: Corporations
House Bill 175, effective as noted herein, amends the corporation franchise tax law by (A)(i) increasing delinquency fees; (ii) increasing tax multipliers; and (iii) increasing the assumed-par minimum tax and the maximum tax including creation of a new higher maximum for certain publicly traded corporations that qualify as Large Corporate Filers, and (B) amends the statutory trust law by increasing the maximum filing fees.  The effective date is January 1, 2018 for the (A) (i) and (ii) increases and the increase to the minimum tax in (A) (iii).  The effective date is “for the tax year beginning January 1, 2017” for the maximum amounts in (A) (iii).  The effective date is August 1, 2017 for the statutory trust law increase. View the entire bill on the State website.

LOUISIANA

Effective Date: August 1, 2017
Entities Affected: LLCs
House Bill 310, effective August 1, 2017, provides updates to various corporate governance provisions related to internal voting issues, certain shareholder meetings, venue and jurisdictional matters with regards to nonresident directors and shareholders.  In addition, the periods for name reservation and reinstatement for terminated corporations is increased to 5 years. View the bill text.

NORTH DAKOTA

Effective Date: August 1, 2017
Entities Affected: LLCs
Senate Bill 2223, effective August 1, 2017, amends LLC law provisions relating to sharing of distributions and profits and losses, member voting, charging orders, and distribution of assets in winding up. View the bill text

Content courtesy of NRAI, our partner in Registered Agent services.

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