Senate Bill 86 signed by the governor May 13 and effective July 1, 2020 updates the Business Corporation Act and makes conforming changes to the Corporations and Associations Act including provisions governing articles of incorporation, mergers, standards of conduct for employees and officers, and procedures for seeking judicial dissolution.
House Bill 348 (Chapter 43) signed by the governor March 9 and effective July 1 repeals the Electronic Recording Commission and provides that the Secretary of State shall establish standards for electronic recording of documents.
House Bill 431 (Chapter 321) signed by the governor March 26 and effective July 1 enacted the Charitable Assets Protection Act and provides a procedure for notifying the Attorney General before charitable organizations dissolve, convert to a non-charitable organization, terminate or otherwise dispose of their charitable assets.
House Bill 2402 signed by the governor June 17 and effective July 1 amended business entity statutes to provide that a registered agent’s resignation is effective on the 31st day after a statement of resignation is filed with the Secretary of State.
House Bill 2039 signed by the governor April 18 and effective July 1, 2020 amends the LLC act relating to Series LLCs and authorizes Statutory Public Benefit LLC as a for-profit LLC intended to produce a public benefit and to operate in a responsible and sustainable manner.
Senate Bill 115 (Chapter 529) became law without signature of the governor May 8 and effective July 1 changes the name of the business property report to annual report filed by business entities prior to April 15.
House Bill 1045 signed by the governor April 24 amends definitions for signatures and records secured through blockchain technology effective August 1, 2019 and authorizes Series LLC filings effective July 1, 2020.
House Bill 2325 (Chapter 062) signed by the governor May 6 and effective July 1, 2020 authorizes the Secretary of State to adopt rules identifying the method by which the filing office will send notices to business entities and requires entities to opt in to alternative method and retains a postal requirement for administrative dissolution and revocation notices.
House Bill 1109 signed by the governor March 4 and effective July 1 amends the limited liability company act to provide that a member or manager is not personally liable for a debt, obligation or liability of the LLC.
House Bill 1114 signed by the governor March 4 and effective July 1 authorizes additional abbreviations in naming corporations, limited liability companies, and limited liability partnerships.
House Bill 1149 (Chapter 1226) signed by the governor April 22 and effective July 1 amends the Stock Corporation Act with Model Business Corporation Act updates and addresses the documentation required to convert a corporation to another entity type. The bill also delays to July 1, 2021 the effective date for Series LLC that had been authorized in 2019 legislation
House Bill 2272 (chapter 636) signed by the governor March 19 and effective July 1, 2020 enacted the Protected Series Act.
House Bill 2478 (Chapter 734) signed by the governor March 21 and effective July 1, 2020 updates and modernizes the Stock Corporation Act to conform to the ABA 2016 Model Business Corporation Act and, among other things, provide corporations greater authorization to combine with or convert into other entities domiciled in Virginia or in another jurisdiction.
Senate Bill 208 (Chapter 873) signed by the governor April 8 and effective July 1 amends existing law related to mechanics liens.
Senate Bill 6632 (Chapter 164) signed by the governor March 25 and effective July 1 amends statutory maximum business license handling fees: license applications to open or reopen a business are increased from $19 to $90; license renewal applications are decreased from $11 to $10; no handling fee on an application by an existing business to open an additional location or obtain a nonresident city endorsement; and all other business license applications maintain a statutory maximum rate of $19.