March 2018 Business Legislation Alerts

Several states achieved important business legislation milestones during the month of March. Please see below for summaries of the new laws for entities in Idaho, Indiana, New Mexico, Tennessee and Utah.

IDAHO

House Bill 379
Entities Affected: Non-Profit Corporations
House Bill 379 was signed by the governor March 1, 2018, and relates to nonprofit corporations. The bill amends the nonprofit corporation law to require only one incorporator to sign the articles of incorporation upon formation. The bills become effective July 1, 2018. View the bill text.

INDIANA

Senate Bill 180
Entities Affected: Various
Senate Bill 180 was signed by the governor March 13, 2018, and relates to the Business Organization Code and Transactions Act. The bill changes the required information submitted in filings to the Secretary of State, qualification/registration of foreign entities, use of business entity names and administrative dissolution. A business entity can apply for reinstatement within 5 years after the date of dissolution or active status revocation. The bill is retroactively effective January 1, 2018. View the bill text.

NEW MEXICO

Senate Bill 225
Entities Affected: Corporations
Senate Bill 225 was signed by the governor March 1, 2018, and relates to the biennial report due date for corporations. Effective July 1, 2018, the biennial report for a corporation will be due the 15^th day of the fourth month after the end of the corporation’s tax year. View the bill text.

TENNESSEE

Senate Bill 1942
Entities Affected: Limited Partnerships
Senate Bill 1942 was signed by the governor on March 16, 2018, and relates to partnerships filed pursuant to the Uniform Limited Partnership Act. The bill requires limited partnerships to be in good standing with the Department of Revenue, with all fees, taxes and penalties current, before certain filings can be executed. In addition, the bill requires additional information be provided for certain partnership filings. The bill became effective March 16, 2018. View the bill text.

UTAH

House Bill 186
Entities Affected: Limited Liability Companies
House Bill  186 was signed by the governor on March 19, 2018, and enacts the Benefit Limited Liability Company Act. The bill provides for the formation of a benefit company, addresses the termination of a benefit company, requires a benefit company to adopt a purpose of creating general public benefit, establishes standards of conduct, creates a right of action and requires a benefit company to prepare, distribute, and make public an annual benefit report. The bill becomes effective May 8, 2018. View the bill text.