Eight states achieved an important business legislation milestones during the month of January. Please see below for a summary of the new laws for entities in Alabama, California, Florida, Illinois, New York, Oregon, Rhode Island and Virginia.
House Bill 250
Alabama House Bill 250, effective January 1, 2020, enacts a new Alabama Business Corporation Law. Among many other changes the new law provides for incorporation, amendment, and dissolution filings to be made with the Secretary of State rather than with the county judge of probate. View the bill text.
Assembly Bill 716
California Assembly Bill 716, effective January 1, 2020, amends the fictitious business name law regarding proof of a registrant’s identity on filings. View the bill text.
Assembly Bill 857
California Assembly Bill 857, effective January 1, 2020, authorizes cities and counties to form a limited number of banks. Public banks may be incorporated under either the Nonprofit Mutual Benefit Corporation Law or the Nonprofit Public Benefit Corporation Law. View the bill text.
Senate Bill 251
California Senate Bill 251, effective January 1, 2020, enacts numerous conforming amendments to the Corporations Code by substituting references to the Commissioner of Business Oversight for references to the Commissioner of Corporations. View the bill text.
House Bill 1009
Florida House Bill 1009, effective January 1, 2020, revises provisions of the Business Corporation Act on topics including, but not limited to, names, bylaws, shareholder agreements, internal claims, committees, meetings, mergers, domestication, dissolution, and reinstatement. View the bill text.
House Bill 2528
Illinois House Bill 2528, effective January 1, 2020, amends the Assumed Business Name Act regarding a person conducting business under an assumed name at his or her personal residence. View the bill text.
House Bill 3663
Illinois House Bill 3663, effective January 1, 2020, enacts the Limited Worker Cooperative Association Act, authorizing the formation of a limited cooperative association, which may be formed for any purpose, whether or not for profit.
View the bill text.
Senate Bill 2992
Illinois Senate Bill 2992, effective January 1, 2020, amends the business corporation, not for profit corporation, LLC, LLP, and LP laws regarding the Secretary of State’s duties to inform the state Commerce Commission of those entities that were administratively dissolved or revoked. View the bill text.
Senate Bill 4956
New York Senate Bill 4956, effective January 24, 2020, amends the Business Corporation Law and Not-for-Profit Corporation Law regarding adoption, amendment or repeal of bylaws. View the bill text.
Senate Bill 359
Oregon Senate Bill 359, effective January 1, 2020, creates procedures whereby a corporation’s board of directors may ratify a defective corporate action. It also requires the filing of articles of validation under certain circumstances and authorizes the circuit court to take certain actions regarding the determination of the validity of corporate actions or ratifications. View the bill text.
Senate Bill 360
Oregon Senate Bill 360, operative January 1, 2020, amends numerous provisions of the Nonprofit Corporations Act on issues including electronic transmissions and notice, shell corporations, bylaws, directors, committees, quorums, rights of members, mergers, and inspection of records. View the bill text.
Senate Bill 395
Rhode Island Senate Bill 395, effective January 1, 2020, enacts the Transparency and Sustainability Standards for Rhode Island Businesses Act, under which a Rhode Island stock or nonstock corporation or LLC may be issued a Certificate of Adoption of Transparency and Sustainability Standards from the Department of Environmental Management attesting that the corporation or LLC has fulfilled sustainability metrics and filed with the Secretary of State a standards statement.
View the bill text.
Senate Bill 1309 (2017) and House Bill 170 (2018)
Virginia Senate Bill 1309, effective January 1, 2020 in accordance with House Bill 170 amends Sec. 59.1-69 of the Code of Virginia to provide that no person shall conduct or transact business in Virginia under an assumed or fictitious name unless the person files a certificate of assumed or fictitious name with the clerk of the State Corporation Commission.
View the bill text.
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For informational purposes only; content does not constitute legal advice.