VA HB130 | 2016 | Regular Session

Status

Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on December 17 2015 - 25% progression, died in committee
Action: 2016-02-02 - Continued to 2017 in Commerce and Labor by voice vote
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

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.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

Limited liability companies; series.

Sponsors


History

DateChamberAction
2016-02-02HouseContinued to 2017 in Commerce and Labor by voice vote
2015-12-17HouseReferred to Committee on Commerce and Labor
2015-12-17HousePrefiled and ordered printed; offered 01/13/16 16100229D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
1311011(n/a)See Bill Text
1311052(n/a)See Bill Text
1311081(n/a)See Bill Text
1311090(n/a)See Bill Text

Virginia State Sources


Bill Comments

feedback