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| www.cscglobal.com | Contact Us | Newsletter Archive | ||||||
| Statutory Updates & Filing Office News
Arkansas House Bill 2076 (Act 795) signed by governor April 3 and effective July 10 amends the Nonprofit Incentive Act of 2007 to lower the threshold from $1 million to $500,000 for nonprofit corporations to qualify for tax exemption under the Internal Revenue Code. http://www.arkleg.state.ar.us/assembly/2009/R/Acts/Act795.pdf Delaware Georgia Hawaii Illinois Kansas SB 85 signed by governor April 8 and effective July 1, 2009 amends business entity statutes to require the Secretary of State to record original electronic filings and return a certified copy of the filing. http://www.kslegislature.org/bills/2010/85.pdf SB 86 signed by governor March 27 and effective July 1, 2009 eliminates fee for a letter of good standing which is an uncertified statement by the Secretary of State that a business entity has met filing requirements. The state will continue to charge a fee for a certificate of good standing. http://www.kslegislature.org/bills/2010/85.pdf SB 156 signed by governor March 27 and effective July 1, 2009 increases from 30 to 35 the maximum number of members in a close corporation incorporated in Kansas. http://www.kslegislature.org/bills/2010/156.pdf Maine Maryland HB 452 (Chapter 101) and SB 806 (Chapter 100) signed by governor April 14 and effective June 1, 2009 increases from $200,000 to $500,000 the threshold of annual revenue of charitable organizations before an audit by independent CPA is required as part of annual registration with Secretary of State. The threshold for a review by an independent CPA increases from $100,000 to $200,000. SB 152 (Chapter 36) signed by governor April 14 and effective October 1, 2009 permits a personal representative to become or continue as a limited partner of a limited partnership or a member of a LLC including a single-member LLC. SB 269 (Chapter 4) signed by governor April 14 and effective July 1, 2009 revises state laws to conform to federal the Secure and Fair Enforcement Mortgage Licensing Act and require registration with the Nationwide Multistate Licensing System and Registry (NMLSR). http://mlis.state.md.us/2009rs/billfile/sb0269.htm SB 634 (Chapter 88) signed by governor April 14 and effective October 1, 2009 modifies the professional service corporation act to permit professional corporations to render professional services within two or more professions. Mississippi SB 3060 signed by governor April 14 and effective July 1, 2009 revises the fees charged by the Secretary of State to include a fee of $25.00 for revocation of administratively dissolved corporations; permit expedited services for fees not to exceed $25.00; and reduce certain filing fees to encourage online filings. New Jersey The State of New Jersey for budget reasons is requiring temporary layoffs of
all state employees for one day in May and one day in June. The Department
of Treasury Division of Revenue Business Services filing office will be closed
on Friday, May 22 and Friday, June 26. More information is available at North Dakota SB 2233 signed April 8 and effective August 1 relates to recording mortgage assignment, satisfaction or release which refers to merger, consolidation, amendment or conversion event causing change in name or identity of mortgagee. SB 2282 signed April 8 and effective August 1 (i) prohibits an individual or organization that is a franchisee to register a licensed trade name without disclosure to Secretary of State of certain information on the franchisor and franchisee and (ii) permits amendment of trade name registration (filing fee $25.00) to show change in nature of business or purpose of registration. http://www.legis.nd.gov/assembly/61-2009/bill-index/bi2282.html SB 2392 signed April 8 and effective August 1 increases fee for UCC filing office to issue certified copies of filings on a debtor from $7.00 to $10.00 plus $2.00 per page for attachments. http://www.legis.nd.gov/assembly/61-2009/bill-index/bi2392.html Utah Virginia HB 2222 (Chapter 201) effective July 1 requires articles of organization surrender to include a statement that a plan of domestication was approved by the LLC. HB 2445 (Chapter 216) effective July 1 conforms provisions of the Stock and Nonstock Corporation Act regarding names, mergers, and terminations with similar provisions applicable to other business entity forms. HB1964/SB 884 (Chapter 253) effective July 1 provides for reclassification or conversion of common to preferred stock to avoid requirement to file periodic reports if authorized by articles of incorporation and the reclassified or converted shares continue to be part of the equity capital of the corporation. http://leg1.state.va.us/cgi-bin/legp504.exe?091+ful+SB884ER SB 903 (Chapter 587) retroactive to corporation amendments in 2005 and 2007 affirms that a director or officer of a stock or nonstock corporation, for purposes of prescribing the corporation's authority to indemnify an individual made a party to a proceeding, includes an individual who is or was a director or officer of a corporation or who, while a director or officer of the corporation, is or was serving at the corporation's request as a director, officer, manager, partner, trustee, employee, or agent of another foreign or domestic entity. http://leg1.state.va.us/cgi-bin/legp504.exe?091+ful+SB903ER SB1222 (Chapter 526) effective July 1 provides that nonprofit entities with gross annual revenue of at least $750,000 in the previous year must file a financial review performed by an independent CPA in order to be eligible for a sales and use tax exemption. SB1241 (Chapter 763) effective July 1 amends the LLC and Professional LLC Acts with respect to distributions upon dissolution, claims against dissolved companies, and other matters. http://leg1.state.va.us/cgi-bin/legp504.exe?ses=091&typ=bil&val=sb1241 SB1328 (Chapter 716) effective July 1 provides for cancellation instead of revocation of RLLP status to conform to provisions for other business entity types. Washington HB 1068 (Chapter 189) signed by governor April 23 and effective July 26 revises the business corporation act to clarify notice provision for shareholder consents governing action taken without shareholder meeting or vote. HB 1078 (Chapter 70) signed by governor April 13 and effective July 26 regulates property exchange facilitators. http://apps.leg.wa.gov/billinfo/summary.aspx?bill=1078&year=2009
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