SB 01119 Summary

• Requires corporations, limited partnerships, limited liability companies, and statutory trusts to provide their North American Industry Classification System (NAICS) Code and electronic mail address when filing business registration documents with the Secretary of the State, effective January 1, 2024.

• Establishes a new commercial registered agent process allowing qualified business entities (domestic/foreign stock corporations and domestic/foreign limited liability companies) to register as commercial registered agents and represent multiple entities for service of process.

• Increases filing fees for reinstatement applications: corporations and limited partnerships rising from $150/$120 to $500/$250, and limited liability companies and limited liability partnerships rising from $120 to $250.

• Renames the "Commercial Recording Division" to the "Business Services Division" and updates related fee schedules and regulatory provisions for filing documents and providing expedited services.

• Removes requirements that directors, officers, and members disclose their residence addresses in annual reports if good cause is shown (such as personal security risks), allowing business addresses to be substituted instead.