Limited liability companies; SCC to correct its records to eliminate effects of clerical error, etc. (HB1040)
Introduced By
Del. Kathy Byron (R-Lynchburg)
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. Authorizes the State Corporation Commission (SCC) to correct its records to eliminate the effects of clerical errors and filings made by a person without authority to act on behalf of a limited liability company. Similar provisions exist in the Code for stock and nonstock corporations. The measure also authorizes the SCC to assess limited liability companies with its annual registration fee in the month it was organized or qualified to transact business. Currently, all limited liability companies are assessed an annual registration fee on July 1, which is due by October 1 to avoid a penalty. The SCC is required to enter an order by August 1, 2010, regarding the schedule for implementing the change in assessment dates. View Full Text »
