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

01/08/2019: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/08/2019Committee
01/08/2019Prefiled and ordered printed; offered 01/09/19 19100497D
01/08/2019Referred to Committee on Commerce and Labor
01/15/2019Impact statement from SCC (HB2272)
01/24/2019House committee, floor amendments and substitutes offered
01/24/2019Reported from Commerce and Labor with amendments (21-Y 0-N) (see vote tally)
01/28/2019Read first time
01/29/2019Read second time
01/29/2019Committee amendments agreed to
01/29/2019Engrossed by House as amended HB2272E
01/29/2019Printed as engrossed 19100497D-E
01/30/2019Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/30/2019VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/30/2019Reconsideration of passage agreed to by House
01/30/2019Passed House BLOCK VOTE (99-Y 0-N)
01/30/2019VOTE: PASSAGE #2 (99-Y 0-N) (see vote tally)
01/31/2019Constitutional reading dispensed
01/31/2019Referred to Committee on Commerce and Labor
02/05/2019Impact statement from SCC (HB2272E)
02/11/2019Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
02/11/2019Rereferred to Finance
02/13/2019Reported from Finance (16-Y 0-N) (see vote tally)
02/14/2019Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/15/2019Read third time
02/15/2019Passed Senate (39-Y 0-N) (see vote tally)
02/22/2019Enrolled
02/22/2019Bill text as passed House and Senate (HB2272ER)
02/22/2019Signed by Speaker
02/22/2019Signed by President
02/25/2019Impact statement from SCC (HB2272ER)
03/04/2019Enrolled Bill communicated to Governor on March 4, 2019
03/04/2019G Governor's Action Deadline Midnight, March 26, 2019
03/19/2019G Approved by Governor-Chapter 636 (effective 7/1/20)
03/19/2019G Acts of Assembly Chapter text (CHAP0636)

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