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1995 SESSION

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HB 1905 Limited liability companies.

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

SUMMARY:

Limited liability companies. Amends provisions relating to limited liability companies as follows: (i) addresses how a limited liability company (LLC) may be continued after an event of dissolution and the assignment of a member's interest in an LLC, (ii) specifies the agency authority of LLC members and managers, (iii) adds language in the Virginia Workers' Compensation Act to clarify that a manager of a manager-managed LLC has the same status as an executive officer of a corporation for the purposes of that Act, (iv) amends the fictitious name statutes to accommodate LLCs, and (v) makes minor changes intended to clarify Virginia's LLC statutes and to bring them in line with similar statutes in other jurisdictions.


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