Virginia House Bill 2272 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 19 2019 - 100% progression
Action: 2019-03-19 - Governor: Acts of Assembly Chapter text (CHAP0636)
Text: Latest bill text (Chaptered) [HTML]

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.

Limited liability companies; Protected Series Act.

Del. Michael Webert [R]

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]

Date	Chamber	Action
2019-03-19		Governor: Acts of Assembly Chapter text (CHAP0636)
2019-03-19		Governor: Approved by Governor-Chapter 636 (effective 7/1/20)
2019-03-04		Governor: Governor's Action Deadline Midnight, March 26, 2019
2019-03-04	House	Enrolled Bill communicated to Governor on March 4, 2019
2019-02-22	Senate	Signed by President
2019-02-22	House	Signed by Speaker
2019-02-22	House	Bill text as passed House and Senate (HB2272ER)
2019-02-22	House	Enrolled
2019-02-15	Senate	Passed Senate (39-Y 0-N)
2019-02-15	Senate	Read third time
2019-02-14	Senate	Constitutional reading dispensed (40-Y 0-N)
2019-02-13	Senate	Reported from Finance (16-Y 0-N)
2019-02-11	Senate	Rereferred to Finance
2019-02-11	Senate	Reported from Commerce and Labor (14-Y 0-N)
2019-01-31	Senate	Referred to Committee on Commerce and Labor
2019-01-31	Senate	Constitutional reading dispensed
2019-01-30	House	VOTE: PASSAGE #2 (99-Y 0-N)
2019-01-30	House	Passed House BLOCK VOTE (99-Y 0-N)
2019-01-30	House	Reconsideration of passage agreed to by House
2019-01-30	House	VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
2019-01-30	House	Read third time and passed House BLOCK VOTE (98-Y 0-N)
2019-01-29	House	Printed as engrossed 19100497D-E
2019-01-29	House	Engrossed by House as amended HB2272E
2019-01-29	House	Committee amendments agreed to
2019-01-29	House	Read second time
2019-01-28	House	Read first time
2019-01-24	House	Reported from Commerce and Labor with amendments (21-Y 0-N)
2019-01-08	House	Referred to Committee on Commerce and Labor
2019-01-08	House	Prefiled and ordered printed; offered 01/09/19 19100497D

Chapter	Article	Section	Citation Type	Statute Text
13	1	1002	(n/a)	See Bill Text
13	1	1004	(n/a)	See Bill Text
13	1	1005	(n/a)	See Bill Text
13	1	1012	(n/a)	See Bill Text
13	1	1051	(n/a)	See Bill Text
13	1	1061	(n/a)	See Bill Text
13	1	1062	(n/a)	See Bill Text
13	1	1064	(n/a)	See Bill Text
13	1	1065	(n/a)	See Bill Text
13	1	1067	(n/a)	See Bill Text
13	1	1088	(n/a)	See Bill Text
13	1	1099.27	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?191+sum+HB2272
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+HB2272+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+HB2272E+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+HB2272ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+CHAP0636+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H14V0027+HB2272
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+HV1980+HB2272
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+HV2026+HB2272
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S02V0162+HB2272
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S05V0353+HB2272
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0662HB2272+HB2272
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0706HB2272+HB2272