SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1998 SESSION

  • | print version

HB 906 Limited Liability Company Act.

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

SUMMARY:

Limited Liability Company Act. Amends the Limited Liability Company Act by (i) providing for certificates of correction to correct a limited liability company's articles of organization, (ii) adding provisions permitting designations of officers and other agents and voting by proxy and unanimous consent, (iii) providing for events which cause disassociation of a member of a limited liability company, (iv) eliminating disassociation of a member as a cause for dissolution of a limited liability company, and (vi) permitting reinstatement of a limited liability company after cancellation of a certificate of organization. The bill also subjects members and managers of limited liability companies to the same penalties for willfully failing to pay, collect, or truthfully account for tax payments as those imposed on corporate and partnership officers, and grants the same tax credits for donations of professional services as those granted to sole proprietors and partnerships.


FULL TEXT

AMENDMENTS

HISTORY