Limited liability companies; Protected Series Act. (HB2272)
Introduced By
Del. Michael Webert (R-Marshall)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Limited liability companies; Protected Series Act. Provides for the creation by a limited liability company (LLC) of one or more protected series. The measure provides that each protected series may have different ownership, management structures, assets, and liabilities. Each protected series may function in a manner analogous to a separate legal entity within the LLC that established the protected series, which is referred to as the series LLC. The measure provides a process through which debts and obligations of one protected series are neither the debts nor obligations of any other protected series nor of the series LLC. Under the measure, a separate public filing is required to establish each protected series of a series LLC. The measure specifies rules for disregarding the internal liability shields that protect the assets of one protected series from the creditors of another. The measure provides that assets not properly associated with a protected series may be subject to the claims of creditors even if the internal shields among series remain intact. The measure is based on the Uniform Protected Series Act prepared by the National Conference of Commissioners on Uniform State Laws. The measure has a delayed effective date of July 1, 2020. Amends § 13.1-1002, § 13.1-1004, § 13.1-1005, § 13.1-1012, § 13.1-1051, § 13.1-1061, § 13.1-1062, § 13.1-1064, § 13.1-1065, § 13.1-1067, of the Code of Virginia. Read the Bill »
Status
02/22/2019: Passed the General Assembly
History
| Date | Action |
|---|---|
| 01/08/2019 | Committee |
| 01/08/2019 | Prefiled and ordered printed; offered 01/09/19 19100497D |
| 01/08/2019 | Referred to Committee on Commerce and Labor |
| 01/15/2019 | Impact statement from SCC (HB2272) |
| 01/24/2019 | House committee, floor amendments and substitutes offered |
| 01/24/2019 | Reported from Commerce and Labor with amendments (21-Y 0-N) (see vote tally) |
| 01/28/2019 | Read first time |
| 01/29/2019 | Read second time |
| 01/29/2019 | Committee amendments agreed to |
| 01/29/2019 | Engrossed by House as amended HB2272E |
| 01/29/2019 | Printed as engrossed 19100497D-E |
| 01/30/2019 | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
| 01/30/2019 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
| 01/30/2019 | Reconsideration of passage agreed to by House |
| 01/30/2019 | Passed House BLOCK VOTE (99-Y 0-N) |
| 01/30/2019 | VOTE: PASSAGE #2 (99-Y 0-N) (see vote tally) |
| 01/31/2019 | Constitutional reading dispensed |
| 01/31/2019 | Referred to Committee on Commerce and Labor |
| 02/05/2019 | Impact statement from SCC (HB2272E) |
| 02/11/2019 | Reported from Commerce and Labor (14-Y 0-N) (see vote tally) |
| 02/11/2019 | Rereferred to Finance |
| 02/13/2019 | Reported from Finance (16-Y 0-N) (see vote tally) |
| 02/14/2019 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/15/2019 | Read third time |
| 02/15/2019 | Passed Senate (39-Y 0-N) (see vote tally) |
| 02/22/2019 | Enrolled |
| 02/22/2019 | Bill text as passed House and Senate (HB2272ER) |
| 02/22/2019 | Signed by Speaker |
| 02/22/2019 | Signed by President |
| 02/25/2019 | Impact statement from SCC (HB2272ER) |
| 03/04/2019 | Enrolled Bill communicated to Governor on March 4, 2019 |
| 03/04/2019 | G Governor's Action Deadline Midnight, March 26, 2019 |
| 03/19/2019 | G Approved by Governor-Chapter 636 (effective 7/1/20) |
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