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Quarterly State Compliance Review
This edition of the Quarterly State Compliance Review looks at legislation of interest to corporate lawyers that recently went into effect, and looks at some recent decisions of interest from courts in Delaware, New York, and California.
IN THE STATE LEGISLATURES
There was not much legislative activity amending the business entity statutes this quarter. One significant bill was Pennsylvania House Bill 1398, which repealed and replaced the laws governing general partnerships (including LLPs), LPs, and LLCs. The new laws are based on the most recent versions of the Uniform Partnership Act, Uniform Limited Partnership Act, and Uniform Limited Liability Company Act. The new laws went into effect on Feb. 21 for all GPs, LPs, and LLCs formed on or after that date, and April 1 for all GPs, LPs, and LLCs formed before that date unless they elected to be governed by the new law on an earlier date.
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