Limited liability companies; series. (HB130)

Introduced By

Del. Michael Webert (R-Marshall) with support from co-patron Sen. Chris Head (R-Roanoke)

Progress

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

Description

Limited liability companies; series. Authorizes an operating agreement of a limited liability company (LLC) to establish or provide for the establishment of a designated series of members, managers, or interests having separate rights, powers, or duties with respect to specified property or obligations of the LLC or profits and losses associated with specified property or obligations. The debts, liabilities, and obligations incurred, contracted for, and otherwise existing with respect to a series shall be enforceable only against the assets of that series and not against the assets of the LLC generally or any other series of the LLC. The measure requires a series with limited liability to be treated as a separate entity as set forth in the articles of organization and allows the series to conduct business and exercise the powers of an LLC. An operating agreement can provide for classes or groups of members or managers associated with a series having the rights, powers, and duties as provided in the agreement. The measure also specifies the requirements for foreign LLCs that have established a series to register to do business in the Commonwealth. The measure also specifies that the information that an LLC is required to provide in its articles of organization shall also be specified for each separate series of the LLC and that the information that a foreign LLC is required to provide in its application for registration as a foreign LLC shall also be specified for each separate series of the LLC. Read the Bill »

Status

02/02/2016: Failed to Pass in Committee

History

DateAction
12/17/2015Committee
12/17/2015Prefiled and ordered printed; offered 01/13/16 16100229D
12/17/2015Referred to Committee on Commerce and Labor
01/21/2016Impact statement from SCC (HB130)
02/02/2016Continued to 2017 in Commerce and Labor