HB403 Summary

• Requires name reservations for all foreign and domestic business entities and combines the name registration process for foreign entities with the name reservation process for domestic entities.

• Extends the period for which a name can be reserved from 120 days to one year, with renewal possible during the 90-day period preceding expiration instead of the 30-day period.

• Changes name reservation duration from 121st day after one year to simply one year from the date of application.

• Exempts corporations incorporated before January 1, 1981, from requirements that corporation or foreign corporation names contain the word "corporation" or "incorporated."

• Repeals Sections 10A-1-5.21 through 10A-1-5.25 of the Code of Alabama 1975 and becomes effective on the first day of the third month following passage and approval by the Governor.