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October 2019 Business Legislation Alerts

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Posted on by Kacy Flowers

October 2019 Business Legislation Alerts

Five states achieved an important business legislation milestones during the month of October. Please see below for a summary of the new laws for entities in Arkansas, Connecticut, Maryland, Nevada and North Carolina.

ARKANSAS

House Bill 1611
Entities Affected: 
Limited Liability Companies
Arkansas House Bill 1611, effective October 1, 2019, adopts the Uniform Protected Series Act, making Arkansas the 17th state to authorize Series LLCs. View the bill text.

CONNECTICUT

Senate Bill 1087
Entities Affected: 
Limited Liability Companies
Connecticut Senate Bill 1087, effective October 1, 2019, amends the LLC law regarding service of process.
View the bill text.

MARYLAND

Senate Bill 26
Entities Affected: 
Various
Maryland Senate Bill 26, effective October 1, 2019, authorizes the Department of Assessments and Taxation to adopt regulations and implement changes regarding expedited document processing and fees. View the bill text.

Senate Bill 136
Entities Affected:
Various
Maryland Senate Bill 136, effective October 1, 2019, amends the Corporations and Associations Code regarding corporate recordkeeping and electronic transmissions, including the use of distributed electronic networks and databases.
View the bill text.

Senate Bill 137
Entities Affected:
Corporations
Maryland Senate Bill 137, effective October 1, 2019, amends the General Corporation Law regarding, among other things, board vacancies, informal action by stockholders, quorums, mergers and consolidations, and the powers of REITs.
View the bill text.

House Bill 1116
Entities Affected:
Corporations
Maryland House Bill 1116, effective October 1, 2019 requires a tax-exempt domestic nonstock corporation with an operating budget exceeding $5 million and a domestic stock corporation with total sales exceeding $5 million to include in the annual report (personal property tax return) filed with the Department of Assessments and Taxation, the number of female board members and the total number of members of the board of directors. This does not apply to a privately held company if at least 75% of the shareholders are family members. This requirement will be effective for 10 years and will no longer be in effect thereafter unless further action is required by the General Assembly. View the bill text.

NEVADA

Senate Bill 163
Entities Affected: 
Various
Nevada Senate Bill 163, effective October 1, 2019, amends the entity laws regarding the use of blockchain technology in connection with records maintenance and the carrying out of entities’ purposes and powers. View the bill text.

Assembly Bill 432
Entities Affected:
Corporations
Nevada Assembly Bill 432, effective October 1, 2019, amends the Business Associations; Securities; Commodities title by authorizing new or existing business corporations to elect to be governed as a worker cooperative. View the bill text.

NORTH CAROLINA

Senate Bill 594
Entities Affected:
Assumed Names
North Carolina Senate Bill 594, effective October 1, 2019, amends the law governing assumed business names to add specific terms that a person may not include in an assumed business name, to set out a form for an assumed business name certificate and to provide that a form that complies with the set out form is sufficient to satisfy the requirements for the certificate's content. 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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