Eleven states achieved important business legislation milestones during the month of July. Please see below for summaries of the new laws for entities Florida, Idaho, Illinois, Indiana, Kentucky, Maryland, Nebraska, New Mexico, Vermont, Virginia and Wyoming.
FLORIDA
House Bill 661
Entities Affected: Various
House Bill 661, effective July 1, 2018, requires the Florida Department of State to send notice of filings to foreign and domestic business entities and waives filing fees for any statement or article of correction filed within 15 days after such notice is sent if the initial filing contained any false, misleading, or fraudulent information. View the bill text.
House Bill 1285
Entities Effected: Benefit Corporations
House Bill 1285, effective July 1, 2018, among other things authorizes state banks and trust companies regulated by the Florida Office of Financial Regulation to form as social purpose or benefit corporations, and allows social purpose or benefit corporations to omit certain information that would otherwise be required in their annual reports if they are required to keep the information confidential under state or federal law. View the bill text.
IDAHO
House Bill 379
Entities Affected: Non-Profit Corporations
House Bill 379, effective July 1, 2018, amends the nonprofit corporation law to provide that only one incorporator of a nonprofit corporation need sign the articles of incorporation when filing with the Secretary of State. View the bill text.
ILLINOIS
House Bill 3514
Entities Affected: Various
House Bill 3514, effective July 1, 2018, amends the definition of expedited service in the corporation, LLC, and LP acts to provide that a request submitted by electronic means will not be considered a request for expedited services solely because it was submitted by electronic means. View the bill text.
INDIANA
Senate Enrolled Act 125
Entities Affected: Various
Senate Enrolled Act 125, effective July 1, 2018, amends the Indiana Code regarding the responsibilities and requirements for certain underground utility excavators and underground facility operators, to require the filing, with the Secretary of State, of a statement of compliance with Indiana’s "Call Before You Dig" law (Sec. 8-1-26 of the Indiana Code). The Indiana Secretary of State, in collaboration with the Indiana Utility Regulatory Commission, has created an outreach document detailing this new requirement. View the bill text.
KENTUCKY
House Bill 319
Entities Affected: Various
House Bill 319, effective July 1, 2018, deals with the issuance of licenses, permits and certificates for businesses owned by U.S. veterans, exempts veteran-owned businesses initiated in Kentucky after August 1, 2018 from paying certain filing fees, and waives the annual report filing fees for those businesses for the first four years after their initial registration.
View the bill text.
House Bill 443
Entities Affected: Non-Profit Corporations
House Bill 443, effective July 1, 2018, makes changes to statutory provisions concerning governance of nonprofits.
View the bill text.
MARYLAND
Senate Bill 41
Entities Affected: Non-Profit Corporations
Senate Bill 41, effective July 1, 2018, revises the nonprofit statutes to allow for conversions between domestic and foreign nonprofits. View the bill text.
NEBRASKA
Legislative Bill 749
Entities Affected: Non-Profit Corporations
Legislative Bill 749, effective July 19, 2018, provides that nonprofit corporations will not be assessed the $5 per page recording fee for the filing of a Biennial Report. View the bill text.
NEW MEXICO
Senate Bill 225
Entities Affected: Corporations
Senate Bill 225, effective July 1, 2018, provides that the due date for the Biennial Report for corporations will be due on or before the 15th day of the fourth month following the close of the corporation's taxable year. (The pre-amendment due date for Biennial Reports is on or before the 15th day of the third month following the close of the corporation's taxable year).
View the bill text.
VERMONT
Senate Bill 269
Entities Affected: Limited Liability Companies
Senate Bill 269, effective July 1, 2018, amends the LLC law by authorizing “blockchain-based LLCs” authorized to use blockchain technology for their governance. View the bill text.
VIRGINIA
House Bill 170
Entities Affected: Various
House Bill 170, effective July 1, 2018, changes the effective date of Virginia's new assumed name statute from May 1, 2019 to January 1, 2020. View the bill text.
House BIll 1205
Entities Affected: Non-Profit Corporations
House Bill 1205, effective July 1, 2018, allows the board of directors of a nonprofit to authorize remotely held member meetings unless the articles of incorporation or bylaws require the meeting to be held at a place. View the bill text.
Senate Bill 71
Entities Affected: Various
Senate Bill 71, effective July 1, 2018, extends the service of process rules for domestic corporations to domestic LLCs.
View the bill text.
Senate Bill 387
Entities Affected: Stock Corporations
Senate Bill 387, effective July 1, 2018, eliminates the requirement that stock corporations itemize their stock by class on their annual reports. View the bill text.
Senate Bill 974
Entities Affected: Corporations
Senate Bill 974, effective July 1, 2018, amends the provision of the corporation law regarding authorization of shareholders of a corporation to act without a meeting by less than unanimous written consent. View the bill text.
WYOMING
House Bill 126
Entities Affected: Limited Liability Companies
House Bill 126, effective July 1, 2018, authorizes Series Limited Liability Companies. View the bill text.
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For informational purposes only; content does not constitute legal advice.