Limited liability companies; parties to actions, and recordation tax exemptions. (HB2292)
Introduced By
Del. Jennifer McClellan (D-Richmond)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Limited liability companies; parties to actions, professional entities and recordation tax. Clarifies that a member of a limited liability company is not barred from being a party in an action against a limited liability company when the member has an interest in the action independent of being a member of the limited liability company. The measure also provides that (i) the terms of a limited liability company's articles of organization or operating agreement cannot alter the definition of "membership interest" as a member's share of the profits and the losses of the limited liability company and the right to receive distributions of the limited liability company's assets and (ii) the term "professional corporation" shall not be deemed to include a professional limited liability company when it is used in any section of the Virginia Professional Limited Liability Company Act or in Chapter 7 of Title 13.1, which pertains to professional corporations. Finally, the measure provides that the state recordation tax levied on every deed admitted to record and on every contract or memorandum thereof relating to real or personal property admitted to record shall not apply to any deed conveying real estate or lease of real estate to the surviving or new limited partnership or business trust upon a merger to which two or more business entities are parties, or to the surviving entity of a conversion of one such entity into another such entity, or an entity that has domesticated into or out of the Commonwealth. Amends § 13.1-1002, § 13.1-1020, § 13.1-1123, § 58.1-811, of the Code of Virginia. View Full Text »
Status
03/20/2007: signed by governor
History
- 01/09/2007 Committee
- 01/09/2007 Prefiled and ordered printed; offered 01/10/07 070206402
- 01/09/2007 Referred to Committee on Commerce and Labor
- 01/11/2007 Impact statement from SCC (HB2292)
- 01/17/2007 Impact statement from SCC (HB2292)
- 01/18/2007 Read first time
- 01/19/2007 Passed by for the day
- 01/22/2007 Passed by for the day
- 01/23/2007 Passed by for the day
- 01/24/2007 Passed by for the day
- 01/25/2007 Read second time
- 01/25/2007 Committee amendments agreed to
- 01/25/2007 Engrossed by House as amended HB2292E
- 01/25/2007 Printed as engrossed 070206402-E
- 01/26/2007 Read third time and passed House (90-Y 8-N)
- 01/26/2007 Communicated to Senate
- 01/26/2007 Impact statement from SCC (HB2292E)
- 01/29/2007 Constitutional reading dispensed
- 01/29/2007 Referred to Committee on Commerce and Labor
- 02/14/2007 Reconsideration of Pass By for the Day agreed to (40-Y 0-N)
- 02/14/2007 Constitutional reading dispensed (40-Y 0-N)
- 02/14/2007 Reconsideration of Passed by for the day agreed to (40-Y 0-N)
- 02/14/2007 VOTE: (40-Y 0-N) (see vote tally)
- 02/14/2007 Passed by for the day
- 02/15/2007 Read third time
- 02/15/2007 Passed Senate (38-Y 0-N)
- 02/15/2007 VOTE: (38-Y 0-N) (see vote tally)
- 02/22/2007 Enrolled
- 02/22/2007 Bill text as passed House and Senate (HB2292ER)
- 02/23/2007 Signed by Speaker
- 02/24/2007 Signed by President
- 02/26/2007 Impact statement from SCC (HB2292ER)
- 03/20/2007 G Approved by Governor-Chapter 639 (effective 7/1/07)
- 04/05/2007 G Acts of Assembly Chapter text (CHAP0639)