Lawmakers in Connecticut responded to the ongoing pandemic with the approval of a number of legislative changes related to remote meetings and voting, while Rhode Island legislators passed a new tax law addressing COVID relief funding.
New legislation in the jurisdictions included the following:
- Lawmakers approved changes allowing business entities to vote on proposed actions and elect directors by mail, without the need for an in-person meeting.
- Entities can also hold remote meetings and allow members or shareholders to participate via remote communication.
- Entities can now make shareholders and members lists available online. The online option is available for any meeting, and required for remote meetings.
- Lawmakers approved tax breaks for “human capital investment,” including job training, worker education, childcare centers for employees, and donations to universities for technology improvements or advancements.
- Rhode Island legislators changed tax law to clarify that “net income” includes the amount of any Paycheck Protection Program loan forgiven for federal income tax purposes to the extent that the amount of the loan forgiven exceeds $250,000.
- All entities must now file annual reports at the same time of the year, between February 1 and May 1.
- The articles of organization of an LLC must be amended when there’s a change in the manager of record.
- Laws limiting which business entities could merge with one another have largely been erased, allowing different entity types to merge with each other.
- New legislation allows corporations to convert to nonprofits, and allows nonprofits to convert to different entity types.
The 2022 Edition of Connecticut & Rhode Island Laws Governing Business Entities Annotated captures these legislative developments to ensure that practitioners in those states are working with the most up-to-date information. A Table of Sections Affected is included for each jurisdiction so you can quickly identify statutory changes.
The book also includes the latest case notes from state and federal courts from both jurisdictions interpreting the law. The book’s Table of New Annotations lists all newly-added cases, and new cases are also highlighted with gray bars in the body of the book.
There’s an up-to-date Fee Schedules for each state with required filing fees for various business services, as well as online access to business forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all business entity types in Connecticut and the Rhode Island via the LexisNexis Bookstore download center. A state-specific listing of the forms and contact information is included in each jurisdiction’s appendix.
Connecticut and Rhode Island Laws Governing Business Entities Annotated is available as a softbound book or as an ebook, compatible with dedicated e-reader devices, computers, tablets and smartphones that use e-reader software or applications. It is also available on the LexisNexis Digital Library.
To learn more about the 2022 Edition of Connecticut & Rhode Island Laws Governing Business Entities Annotated, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc
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