VA HB2272 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Engrossed on January 29 2019 - 50% progression
Action: 2019-02-15 - Passed Senate (39-Y 0-N)
Text: Latest bill text (Engrossed) [HTML]

Summary

Limited liability companies; Protected Series Act. Provides for the creation by a limited liability company (LLC) of one or more protected series. The measure provides that each protected series may have different ownership, management structures, assets, and liabilities. Each protected series may function in a manner analogous to a separate legal entity within the LLC that established the protected series, which is referred to as the series LLC. The measure provides a process through which debts and obligations of one protected series are neither the debts nor obligations of any other protected series nor of the series LLC. Under the measure, a separate public filing is required to establish each protected series of a series LLC. The measure specifies rules for disregarding the internal liability shields that protect the assets of one protected series from the creditors of another. The measure provides that assets not properly associated with a protected series may be subject to the claims of creditors even if the internal shields among series remain intact. The measure is based on the Uniform Protected Series Act prepared by the National Conference of Commissioners on Uniform State Laws. The measure has a delayed effective date of July 1, 2020.

Tracking Information

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Title

Limited liability companies; Protected Series Act.

Sponsors


Roll Calls

2019-02-15 - Senate - Senate: Passed Senate (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2019-02-14 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-13 - Senate - Senate: Reported from Finance (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-11 - Senate - Senate: Reported from Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-30 - House - House: VOTE: PASSAGE #2 (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-30 - House - House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (Y: 98 N: 0 NV: 1 Abs: 0) [PASS]
2019-01-24 - House - House: Reported from Commerce and Labor with amendments (21-Y 0-N) (Y: 21 N: 0 NV: 1 Abs: 0) [PASS]

History

DateChamberAction
2019-02-15SenatePassed Senate (39-Y 0-N)
2019-02-15SenateRead third time
2019-02-14SenateConstitutional reading dispensed (40-Y 0-N)
2019-02-13SenateReported from Finance (16-Y 0-N)
2019-02-11SenateRereferred to Finance
2019-02-11SenateReported from Commerce and Labor (14-Y 0-N)
2019-01-31SenateReferred to Committee on Commerce and Labor
2019-01-31SenateConstitutional reading dispensed
2019-01-30HouseVOTE: PASSAGE #2 (99-Y 0-N)
2019-01-30HousePassed House BLOCK VOTE (99-Y 0-N)
2019-01-30HouseReconsideration of passage agreed to by House
2019-01-30HouseVOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
2019-01-30HouseRead third time and passed House BLOCK VOTE (98-Y 0-N)
2019-01-29HousePrinted as engrossed 19100497D-E
2019-01-29HouseEngrossed by House as amended HB2272E
2019-01-29HouseCommittee amendments agreed to
2019-01-29HouseRead second time
2019-01-28HouseRead first time
2019-01-24HouseReported from Commerce and Labor with amendments (21-Y 0-N)
2019-01-08HouseReferred to Committee on Commerce and Labor
2019-01-08HousePrefiled and ordered printed; offered 01/09/19 19100497D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
1311002(n/a)See Bill Text
1311004(n/a)See Bill Text
1311005(n/a)See Bill Text
1311012(n/a)See Bill Text
1311051(n/a)See Bill Text
1311061(n/a)See Bill Text
1311062(n/a)See Bill Text
1311064(n/a)See Bill Text
1311065(n/a)See Bill Text
1311067(n/a)See Bill Text
1311088(n/a)See Bill Text
1311099.27(n/a)See Bill Text

Virginia State Sources


Bill Comments

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