HB372 Summary

• Exempts limited liability company agreements from statute of frauds requirements under Delaware law.

• Allows service of process upon the Secretary of State by electronic transmission for domestic and foreign limited liability companies, with rules to be established by the Secretary of State.

• Authorizes limited liability companies to grant irrevocable powers of attorney coupled with sufficient interest, which remain valid despite the principal's death, disability, or other events.

• Enables a domestic limited liability company owning at least 90% of outstanding stock in one or more corporations to merge those corporations into itself or into another corporation through a certificate of ownership and merger procedure.

• Requires foreign limited liability companies registering in Delaware to file a certificate of existence from their home jurisdiction dated within 6 months prior to filing, including certified translations if applicable.