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August 2018 Business Legislation Alerts

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Posted on by Kacy Flowers

August 2018 Business Legislation

Five states achieved important business legislation milestones during the month of August. Please see below for summaries of the new laws for entities Alaska, Arizona, Delaware, Illinois and New Hampshire.

ALASKA

House Bill 410
Entities Affected: Corporations
House Bill 410, effective August 17, 2018, amends the law regarding the reinstatement of Native corporations.
View the bill text.

ARIZONA

House Bill 2603
Entities Affected:
Corporations
House Bill 2603, effective August 3, 2018, amends the corporation law to provide that the words “writing” and “written” include blockchain technology. View the bill text.

DELAWARE

House Bill 175
Entities Affected: Statutory Trusts
Effective August 1, 2018 most Delaware statutory trust filing fees increased from $200 to $500.  Authority for the increase was provided for by House Bill 175, Laws of 2017. View the bill text.

Senate Bill 180
Entities Affected:
Corporations
Senate Bill 180, effective August 1, 2018 and as otherwise noted in the Bill, amends the General Corporation Law regarding distinguishability of names, nonstock corporations, ratification of defective corporate acts, stockholder appraisal rights, charter revocation or forfeiture, exempt corporation revival and franchise tax reports by exempt corporations.
View the bill text.

Senate Bill 182
Entities Affected:
Limited Partnerships
Senate Bill 182, amends the LP law regarding the use of blockchain technology and corrections (effective August 1, 2018); and regarding distinguishability of names (effective August 1, 2019). Vie the bill text.

Senate Bill 183
Entities Affected: Limited Liability Companies
Senate Bill 183, effective in part August 1, 2018 and in part August 1, 2019, as noted in the Bill, amends the LLC law regarding definitions, protected series, registered series, LLC names, reservation of names, registered agents, service of process, use of blockchain technology, cancellation and revival, filing of documents, notice of filings, restated certificates, merger and consolidation, corrections, division of LLCs, fees, status certificates, taxation, and authorization for Public Benefit LLCs intended to produce public benefit as defined in the Bill. Vie the bill text.

Senate Bill 194
Entities Affected: Various
Senate Bill 194, effective August 1, 2018, amends the statutory trust law regarding definitions, liability of beneficial owners and trustees, legal proceedings, management, statutory trust existence, cancellation, notice of filing, name, merger, record-keeping, conversion, domestication and transfer or continuance. Vie the bill text.

ILLINOIS

Senate Bill 3398
Entities Affected
: Limited Liability Companies and Professional Limited Liability Companies
Senate Bill 3398, effective August 14, 2018, amends the LLC and Professional LLC Acts regarding the organization of a professional limited liability company and amends the PLLC Act, Professional Service Corporation Act and Medical Corporation Act regarding the expiration of a certificate of registration. Vie the bill text.

NEW HAMPSHIRE

Senate Bill 425
Entities Affected:
Limited Liability Companies
Senate Bill 425, effective August 7, 2018, amends the LLC law regarding member dissociation and mergers.
View the bill text.

Senate Bill 413
Entities Affected: Various
Senate Bill 413, effective January 1, 2019 regarding the name amendments and effective August 7, 2018 regarding the reinstatement amendment, amends the entity laws by enacting criteria for determining distinguishability of names and amends the LLC law regarding late reinstatements. View the bill text.

We’re here to help! For questions about how these legislative changes may affect you or your clients, or to initiate a service request, contact CLAS at 800.952.5696 or connect@clasinfo.com. Or, simply click on Contact CLAS, a CLAS representative will get back to you shortly.

Contact CLAS

For informational purposes only; content does not constitute legal advice.

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