House Bill 955 (Chapter 288) signed by the governor March 7 and effective July 1 amends the LLC Act to locate into a new article all existing provisions related to the formation of a LLC by entity conversion; brings the current business entity conversion provisions in the Business Trust Act into alignment with the entity conversion provisions of the LLC act; and provides for the reorganization of an LLC in bankruptcy, as is provided for Virginia stock and nonstock corporations.
March 14, 2016