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2016 SESSION

  • | print version

HB 955 Limited liability companies; entity conversions.

Introduced by: Mark L. Keam | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Limited liability companies; entity conversions. Restructures the Virginia Limited Liability Company Act (Act) to locate into a new article all existing provisions related to the formation of a limited liability company (LLC) by entity conversion. In addition, the measure brings the current business entity conversion provisions in the Virginia Business Trust Act into alignment with the entity conversion provisions of the Act as restructured in this measure. The measure also provides for the reorganization of an LLC in bankruptcy, as is provided for Virginia stock and nonstock corporations. The measure makes technical adjustments to the Act to bring it in conformance with similar provisions applicable to other business entities.


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