Eleven states achieved important business legislation milestones during the month of July. Please see below for a summary of the new laws for entities in Arkansas, Connecticut, Idaho, Iowa, Montana, New Mexico, Rhode Island, South Dakota, Virginia, Washington and Wyoming.
ARKANSAS
Senate Bill 148
Entities Affected: Limited Liability Companies
Arkansas Senate Bill 148, effective July 25, 2019, amends the Small Business Entity Tax Pass-Through Act regarding judgment creditor liens. View the bill text.
House Bill 1430
Entities Affected: Non-Profit Corporations and Limited Liability Companies
Arkansas House Bill 1430, effective July 25, 2019, amends the nonprofit corporation and LLC laws with certain clarifying revisions concerning references to administrative rules. View the bill text.
CONNECTICUT
Senate Bill 1083
Entities Affected: Corporations and Non-Profit Corporations
Connecticut Senate Bill 1083, effective July 1, 2019, amends the trade name law regarding contents of trade (assumed) name registration filings and State record keeping; and effective January 1, 2020, amends the business and nonprofit corporation laws regarding due dates of Initial Reports and Annual Reports, and further amends all of the entity laws regarding Annual Report contents and administrative dissolution or cancellation and foreign revocation. View the bill text.
House Bill 7340
Entities Affected: Various
Connecticut House Bill 7340, effective July 9, 2019, enacts new sections of law addressing the use of veil piercing and reverse veil piercing in determining the liability of interest holders of domestic entities for the entities' debts and obligations and liability of domestic entities for the debts and obligations of their interest holders. View the bill text.
IDAHO
House Bill 191
Entities Affected: Various
Idaho House Bill 191, effective July 1, 2019, amends provisions dealing with expedited filings. View the bill text.
House Bill 84
Entities Affected: Corporations
Idaho House Bill 84, effective July 1, 2019, amends provisions of the corporation law relating to, among other things, documents, notices and other communications, ratification of actions, householding, proxies, business opportunities, domestication, conversions, mergers, inspections and more. View the bill text.
IOWA
Senate File 569
Entities Affected: Limited Liability Companies
Iowa Senate File 569, effective July 1, 2019, amends the Limited Liability Company law to authorize LLCs to rescind a dissolution. The bill also enacts the Uniform Protected Series Act, effective July 1, 2020. View the bill text.
MONTANA
House Bill 65
Entities Affected: Various
Montana House Bill 65, effective July 1, 2019, amends the insurance law to provide that a foreign or alien insurer that transacts any business in Montana must have a registered agent upon whom any legal process, notice, or demand required or permitted by law to be served upon a company must be served. The agent must reside or maintain a business address in Montana. View the bill text.
NEW MEXICO
Senate Bill 162
Entities Affected: Various
New Mexico Senate Bill 162, effective July 1, 2019, amends the Business and Nonprofit Corporation and LLC laws regarding information required to be set forth by dissolving or withdrawing entities in the dissolution or withdrawal documents. View the bill text.
RHODE ISLAND
House Bill 5646
Entities Affected: Various
Rhode Island House Bill 5646, effective July 1, 2019, adds new grounds for revoking domestic and foreign corporations and LLCs. View the bill text.
SOUTH DAKOTA
House Bill 1202
Entities Affected: Corporations
South Dakota House Bill 1202, effective July 1, 2019, amends the business corporation act to revise the number of qualified directors needed to approve certain conflict of interest transactions. View bill text.
VIRGINIA
Senate Bill 1272
Entities Affected: Various
Virginia Senate Bill 1272, effective July 1, 2019 amends provisions regarding the quorum required for a meeting of the board of directors of a bank. View the bill text.
House Bill 2478
Entities Affected: Corporations
Virginia House Bill 2478, effective mostly July 1, 2019 (with some provisions effective July 1, 2020), updates and modernizes the Virginia Stock Corporation Act on issues including conversions, notices, ratification of defective acts, exclusive forum clauses, cumulative voting, derivative suits, judicial removal of directors, officer liability, activities that do not constitute doing business, and amendments. View the bill text.
WASHINGTON
Senate Bill 5003
Entities Affected: Corporations
Washington Senate Bill 5003, effective July 28, 2019, amends the Business Corporation Act regarding definitions, articles of incorporation, shareholder preemptive rights, cumulative shareholder voting, bylaws of publicly held companies and sale of assets. View the bill text.
Senate Bill 5002
Entities Affected: Corporations and Associations
Washington Senate Bill 5002, effective July 28, 2019, amends the Corporations and Associations (Profit) title by authorizing the creation of limited cooperative associations with conforming amendments to the Business Organizations Code regarding definitions and entity names. View the bill text
WYOMING
House Bill 236
Entities Affected: Various
Wyoming House Bill 236, effective July 1, 2019, enacts the Statutory Foundation Act, creating statutory foundations as a new form of entity. View the bill text.
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For informational purposes only; content does not constitute legal advice.