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IN HB1336
Bill
Status
3/23/2016
Primary Sponsor
Casey Cox
Click for details
AI Summary
HEA 1336 Summary
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Requires electronic filing for name reservations and transfers for business entities (corporations, LLCs, limited partnerships), with updated fee structures effective July 1, 2016.
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Establishes rules for business plans and filed documents containing terms dependent on external facts (market data, interest rates, determinations by parties), requiring disclosure of how such facts will operate and become operative.
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Creates new Article 23-18.1 establishing series limited liability companies, effective January 1, 2017, allowing master LLCs to designate separate series with independent liability limitations, assets, and management structures.
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Updates filing fees across multiple business entity types, with most fees increasing after June 30, 2016 (e.g., articles of incorporation $75-$100, biennial reports $20-$50).
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Authorizes cases to be filed in business or commercial courts when otherwise eligible, and declares an emergency for immediate implementation of certain provisions.
Legislative Description
Business entities; series limited liability. Makes various changes to the business and other association law, including the following: (1) Requires that an application to reserve or renew a reservation of a name and a notice of transfer of a reserved name must be filed with the secretary of state electronically and makes the corresponding changes to the fees. (2) Establishes requirements concerning plans or filed documents that include terms that are dependent on facts objectively ascertainable outside the plan or filed document for limited liability partnerships, limited partnerships, nonprofit corporations, and limited liability companies. (3) Provides that the name of
Last Action
Public Law 170
3/23/2016