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2008 SESSION

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SB 573 Limited Liability Company Act; reorganizes provisions thereof.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Limited Liability Company Act.  Reorganizes provisions of the Virginia Limited Liability Company Act regarding the winding up, cancellation, and reinstatement of limited liability companies.  The revisions to the structure of the Act conform to the organization of the Virginia Stock and Nonstock Corporation Acts.  Other provisions address the involuntary cancellation of domestic and foreign limited liability companies and state that upon certain events a limited liability company's existence is cancelled, rather than stating that the events result in cancellation of the company's certificate of organization.  The measure also (i) provides a uniform method of reinstating a domestic limited liability company that has been canceled, (ii) authorizes the removal of the initial registered office and registered agent information in the articles of organization if a statement of change is on file with the Commission, and (iii) makes technical clarifications.


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