SB 286 - Hough, Lincoln
Creates and amends various provisions regulating limited liability companies and partnerships
Bill Details
Sponsor
Hough, Lincoln
LR Number
1221S.01I
Title
SB 286
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2021
Committee
Current Status
SCS Voted Do Pass S Economic Development Committee (1221S.02C)
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SCS/SB 286 - This act creates and amends various provisions regulating limited liability companies (LLCs) and partnerships.
NAMES OF LIMITED LIABILITY COMPANIES
(SECTION 347.020)
The act prohibits the name of any dissolved or canceled LLC from being used by any other for a period of one year following the dissolution or cancellation.
LIMITED LIABILITY COMPANIES - INFORMATION STATEMENTS
(SECTION 347.044, 347.179, 347.183)
Every limited liability company (LLC) and foreign limited liability company (foreign LLC) is required to file an information statement with the Secretary of State (SOS) once every 5 years, accompanied by a fee of $15, or $5 if filed electronically. The SOS is permitted to administratively cancel the articles of incorporation of an LLC or the registration of a foreign LLC for failure to timely file an information statement. The act provides procedures for allowing a foreign LLC to apply to the SOS to have its registration reinstated following such a cancellation. Procedures are also created allowing an LLC to apply for reinstatement following the erroneous or accidental filing of a notice of winding up or notice of termination.
FILING FEES
(SECTIONS 347.179, 347.183, 358.460, and 358.470)
The act reduces various filing fees imposed on LLC's and partnerships for filing certain documents with the SOS and provides for reduced fees for filing certain documents in an electronic format. Additionally, the act creates the following new fees:
· A fee of $95 for filing a withdrawal of an erroneously or accidentally filed notice of winding up or articles of termination; and
· For a filing relating to a limited liability series an additional fee of ten dollars for each series effected or, if filing online in an electronic format prescribed by the secretary, a fee of five dollars for each series effected.
This act is substantially similar to SCS/HCS/HB 162 (2021), HB 914 (2021), SB 720 (2020), certain provisions in HCS/SS#2/SB 704 (2020), and HCS/HB 1590 (2020) and similar to SCS/SB 285 (2019) and HB 555 (2019).
SCOTT SVAGERA