SB573: Limited Liability Company Act; reorganizes provisions thereof.

Chief Patron

Dick Saslaw (D-Springfield)
Served: 1980–

Progress

☑	Introduced
☑	Passed Committee
☑	Passed House
☑	Passed Senate
☑	Signed by Governor
☑	Became Law

Status

03/02/2008: signed by governor
View Entire History

Summary

Virginia Limited Liability Company Act. Reorganizes provisions of the Virginia Limited Liability Company Act regarding the winding up, cancellation, and reinstatement of limited liability companies. The revisions to the structure of the Act conform to the organization of the Virginia Stock and Nonstock Corporation Acts. Other provisions address the involuntary cancellation of domestic and foreign limited liability companies and state that upon certain events a limited liability company's existence is cancelled, rather than stating that they result in cancellation of its certificate of organization. The measure also (i) provides a uniform method of reinstating a domestic limited liability company that has been canceled, (ii) authorizes the removal of the initial registered office and registered agent information in the articles of organization if a statement of change is on file with the Commission, and (iii) makes technical clarifications.

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