Jurisdictional Updates

Legal Statue

In addition to all the other changes you may have been experiencing over the past few months, it is possible that some of the following very recent State legislation may affect you.

Delaware has passed 4 pieces of legislation regarding name distinguishability, types of foreign entities that may be a registered agent, registered agent resignations, and general housekeeping. HB341 (Corporations), HB342 (Partnerships), HB343 (Limited Partnerships), and HB344 (LLCs) have all passed the Delaware legislature and are awaiting the signature of the Governor, which is expected by the end of this month. SB244 (Statutory Trusts) is expected to pass as well.

Florida Senate Bill 838 (Chapter 2020-32) signed by the governor and effective June 18 made clarifying and conforming changes to the Business Corporation Act and the Revised LLC Act. Among the changes are the Department of State may direct interrogatories to a corporation, persons other than board members may serve on board committees of not-for-profit corporations, and an entity may elect to become a social purpose corporation by domestication. Here is a link to the bill: http://laws.flrules.org/2020/32

Georgia Legislature has passed HB230 providing for the creation of Benefit Corporations.

Iowa HF2402 regarding the effective times of registered agent resignations has been signed, enacted effective 7/1/2020.

Louisiana has passed HB701 effective 6/1/2020, providing for the licensing and regulation of virtual currency businesses.

Mississippi HB1156 Revised Law on Notarial Acts has passed and is awaiting the Governor’s signature.

Mississippi SB2510 revising the administrative revocation provisions for foreign LLCs was signed, enacted 6/23/2020

Business Desk

New York Senate Bill 4278 for the Women on Corporate Boards Study requires Biennial Statements of all business corporations formed or registered in the State of New York to disclose the number of directors constituting the board of directors and how many of them are women. This requirement became effective on 6/27/2020.

Tennessee has passed SB1754 clarifying business filing requirements, changing the timing of Annual Report filings, authorizing the Secretary of State to prescribe mandatory forms & filing methods, and general housekeeping.

If you need assistance in a certain jurisdiction you aren’t familiar with or would like more insights for proper due diligence please do not hesitate to reach out to one of our Researchers today.

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