Virginia House Bill 130 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on December 17 2015 - 25% progression, died in committee
Action: 2016-12-01 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

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.

Limited liability companies; series.

Del. Michael Webert [R]

Sen. Chris Head [R]

Del. Nicholas Freitas [R]

Date	Chamber	Action
2016-12-01	House	Left in Commerce and Labor
2016-02-02	House	Continued to 2017 in Commerce and Labor by voice vote
2015-12-17	House	Referred to Committee on Commerce and Labor
2015-12-17	House	Prefiled and ordered printed; offered 01/13/16 16100229D

Chapter	Article	Section	Citation Type	Statute Text
13	1	1011	(n/a)	See Bill Text
13	1	1052	(n/a)	See Bill Text
13	1	1081	(n/a)	See Bill Text
13	1	1090	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+HB130
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB130+hil