Effective May 7, Senate Bill 602 revises the definition of “accrued interest”, amends appraisal rights in the Business Corporation Act, and allows for an eligible entity to assume a dissolved entity’s name 120 days after the dissolution date, instead of
California – First Year Franchise Tax Exemption
LLCs, LPs, and LLPs with taxable years beginning on or after January 1, 2021 and before January 1, 2024 will be exempt from the $800 minimum franchise tax in its first taxable year. https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB85
Louisiana – Suspended Franchise Tax
Effective July 13, the initial corporation franchise tax and the corporate franchise tax that is levied on the first $300,000 of taxable capital is suspended for small business corporations for the taxable periods beginning between July 1, 2020 and June
Mississippi – Administrative Revocation Revisions
Effective June 23, SB 2510 revises the grounds for administrative revocation of a foreign limited liability company’s registration. http://billstatus.ls.state.ms.us/documents/2020/pdf/SB/2500-2599/SB2510SG.pdf
Tennessee – Clarifying Changes to Forms
Effective June 22, SB 1754 amends business code regarding business entity forms, executing forms, and other general housekeeping items. https://publications.tnsosfiles.com/acts/111/pub/pc0719.pdf
Florida – Business Corporation Act
Effective June 18, SB 838 makes conforming and clarifying changes to the Business Corporation Act. Updates include the ability for the Department of State to direct interrogatories to a corporation to determine if the entity is in compliance with this
Colorado – Business Corporation Act
Amendments to the Colorado Business Corporation Act and the Colorado Corporations and Associations Act are in effect as of July 1, 2020. Updates relate to definitions, mergers, conversions, dissolutions, names, and director liabilities, among other updates. https://leg.colorado.gov/sites/default/files/2019a_086_signed.pdf
Rhode Island – Good Standing Certificate Requirement
Effective July 1, a certificate of good standing from the division of taxation is no longer required when filing a dissolution, merger, conversion, or withdrawal filing. http://webserver.rilin.state.ri.us/BillText/BillText17/HouseText17/H5646B.pdf
District of Columbia – Beneficial Ownership
As of January 1, 2020, formation, registration, and report filings are now required to list the name, residence, and business address of each person whose aggregate share of direct or indirect, legal or beneficial ownership governance or total distributional interest