As we begin a new year of business, there are a few State and Federal legislative changes to pay attention to in the first quarter of 2021. Keep in mind some of these are still in the legislative process.
Secretary of State has revised filing forms. The option has been removed to allow for a future-effective filing date.
Senate Bills 1186-1189 signed in on December 29, 2020, extending four bills until June 30, 2021. For remote procedures (signing, witnessing, notarizing, and recording) for certain records.
Senate Bill 276 (2020) on 1/7/2021 to adopt the Ohio Revised Limited Liability Company Act. The new law includes an authorization for an LLC to establish series if provided for in the operating agreement. Effective 4/12/21, certain provisions effective January 1, 2021.
House Bill 2121 was Engrossed on 1/25/2021 to amend business organization laws so certain provisions related to entity conversions, resignation of registered agent, name restrictions, cancellations, etc. are consistent for various kinds of entities. The bill was referred to the House Committee on Commerce and Labor.
Senate Bill 36 was introduced on 1/12/2021 to authorize for-profit public benefit corporations. The bill was assigned to the Senate Minerals, Business, and Economic Development Committee.
U.S. House Bill 6395, the National Defense Appropriations Act, became law on January 1, 2021. Entities formed and registered in the state filing offices to disclose beneficial ownership information to FinCEN (the Financial Crimes Enforcement Network) within the US Department of the Treasury.
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.