Six states achieved an important business legislation milestones during the month of September. Please see below for a summary of the new laws for entities in Arizona, Maine, Nebraska, New York, Oregon and Texas.
ARIZONA
Senate Bill 1353
Entities Affected: Limited Liability Companies
Arizona Senate Bill 1353, effective September 1, 2019, repeals Arizona’s current LLC law that became effective in 1992 and replaces that law in its entirety with the new Arizona Limited Liability Company Act (ALLCA). View the bill text.
MAINE
Legislative Document 1519
Entities Affected: Benefit Corporations
Maine Legislative Document 1519, effective September 19, 2019, provides for the creation of benefit corporations. With this law, Maine joins the more than 35 states authorizing the formation and operation of either a benefit corporation or the similar public benefit corporation. View the bill text.
NEBRASKA
Legislative Bill 78
Entities Affected: Limited Liability Companies
Nebraska Legislative Bill 78, effective September 1, 2019, amends the LLC law to permit an LLC to rescind its dissolution under certain circumstance and set forth the procedure for so doing. The bill also amends provisions related to series LLCs, effective January 1, 2021. View the bill text.
NEW YORK
Assembly Bill 6869 and 6870
Entities Affected: Non-Profit Corporations
New York Assembly Bill 6869 and Assembly Bill 6870, both effective September 13, 2019, amend the Not-for-Profit Corporation Law regarding fire corporations.View the bill text.
OREGON
House Bill 2998
Entities Affected: Various
Oregon House Bill 2998, effective September 29, 2019, amends provisions regarding the requirements for the Secretary of State to file business organization documents, including directing the Secretary of State to provide documents in foreign languages. View the bill text.
TEXAS
Senate Bill 1859
Entities Affected: Various
Texas Senate Bill 1859, effective September 1, 2019, amends the Texas Business Organizations Code regarding, among other things, record-keeping, effectiveness of filings, winding up of a series, creditor actions against partners, and indemnification of partners. View the bill text.
Senate Bill 1969
Entities Affected: Non-Profit Corporations
Texas Senate Bill 1969, effective September 1, 2019, amends the Texas Business Organizations Code to provide for the ratification of defective corporate acts of a nonprofit corporation. View the bill text.
Senate Bill 1971
Entities Affected: Various
Texas Senate Bill 1971, effective September 1, 2019, amends the Texas Business Organizations Code provisions governing corporations regarding, among other things, voting agreements, two-step offer-mergers, ratification of defective acts, notices of redemption, shareholder lists, and nonprofit corporation directors. View the bill text.
House Bill 3603
Entities Affected: Various
Texas Bill 3603, effective September 1, 2019, amends the Texas Business Organizations Code provisions governing derivative proceedings on behalf of for-profit corporations, LLCs, and LPs. View the bill text.
House Bill 3609
Entities Affected: Various
Texas House Bill 3609, effective September 1, 2019, amends the Texas Business & Commerce Code to provide that a corporation, LP, LLP, LLC or foreign filing entity required to file an assumed name certificate shall file the certificate in the office of the Secretary of State. Previously, the assumed certificate also had to be filed with the county clerk.
View the bill text.
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For informational purposes only; content does not constitute legal advice.