Bill No.:         HB0014                                             Drafter: LGC

LSO No.:       14LSO-0057                                     Effective Date: 7/1/2014

Enrolled Act No.:    HEA0035

Chapter No.:                        CH0065

Prime Sponsor:       Joint Corporations, Elections and Political Subdivisions Interim Committee

Catch Title:              Business entities-revisions.

Subject:                     General revisions of business entity statutes

Summary/Major Elements:

· The bill provides general revisions to business entity statutes including:

· Repealing filing fees for statements of change of registered agent or registered office;

· Increasing fees for certificates of authority;

· Requiring a filing fee for conversions;

· Repealing duplicative provision for penalties for false filings;

· Providing for update of registered agent information for limited liability partnerships;

· Requiring administrative forfeiture of limited liability companies’ authority to do business for failure to update registered agent information; and

· Limiting information required for articles of continuance by a foreign organization.