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Nevada – Legislation Enacted Amending State Business Laws

Senate Bill 446 (Chapter 514) signed by the governor June 20 and effective October 1 amends state business laws to, among other things, establish procedures for ratification or validation of certain non-compliant corporate acts; authorize stockholder meetings solely by remote communications if authorized in articles or bylaws; clarifies the statutory definition of officers; repeal future effective date in formation documents for LLCs and LPs; and clarify that upon consummation of a merger, an owner of a constituent or merged entity remains liable for all of the constituent entity’s obligations existing at the time of the merger to the extent the owner was liable before the merger.