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1997 SESSION

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HB 2474 Limited Liability Company Act.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Limited Liability Company Act. Amends the Virginia Limited Liability Company (LLC) Act to change default voting requirements for the admission of new members and the continuation of a limited liability company after an event of dissolution. The bill also: (i) amends limited liability company, limited partnership and merger statutes to accommodate mergers with general partnerships; (ii) clarifies that a limited liability company's articles of amendment may restate the articles of organization; (iii) clarifies the scope of a single-member limited liability company's operating agreement; (iv) adds new provisions providing for the domestication of non-United States entities as Virginia limited liability companies; (v) permits conversion of non-Virginia partnerships to Virginia limited liability companies; and (vi) eliminates the current prohibition against LLC perpetual duration.


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