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NRAI Compliance Updates - December,
2005
Greetings,
Michigan was the busy state again this month with four bills signed into law on November 21st. Also you should be aware that a new Business Organizations Code
(BOC) goes into effect in Texas on January 1, 2006. Information regarding the
Texas BOC may be found at http://www.sos.state.tx.us/corp/boc.shtml
Have a good Holiday Season and a safe and prosperous New Year
Robert K. Rowell
General Counsel
New, Pending and Passed Legislation
Federal Legislation
HB 4291
To amend the Securities Exchange Act of 1934 to require additional disclosure to shareholders of executive compensation.
Full Text available at: http://thomas.loc.gov/cgi-bin/query/z?c109:H.R.4291:
Current Bill Status: November 10, 2005 introduced and Referred to the House Committee on Financial Services.
HB 4421
To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
Full Text available at: http://thomas.loc.gov/cgi-bin/query/z?c109:H.R.4421:
Current Bill Status: November 18, 2005 introduced and Referred to the House Committee on Ways and Means
Delaware
Current Issue of the Delaware Register of Regulations: http://legis.state.de.us/LIS/Register.nsf/vwRegisters/96/$file/December2005.pdf?openelement
Florida
SB 1198
Corporate Income Tax; provides for adoption of 2006 version of Internal Revenue Code; provides for retroactive operation. Amends 220.03.
Full Text available at: http://www.flsenate.gov/data/session/2006/Senate/bills/billtext/pdf/s1198.pdf
Current Bill Status: December 12, 2005 Introduced.
Michigan
SB 203
Single business tax; collection; time period when liability for spin-off companies is calculated; extend.
Bill Summary available at: http://www.legislature.mi.gov/documents/2005-2006/billanalysis/house/htm/2005-HLA-0203-5.htm
Full Text available at: http://www.legislature.mi.gov/documents/2005-2006/billengrossed/senate/pdf/2005-SEBS-0203.pdf
Bill Status: Enrolled December 12, 2005
SB 665
AN ACT to amend 1993 PA 23, entitled "An act to provide for the organization and regulation of limited liability companies; to prescribe their duties, rights, powers, immunities, and liabilities; to prescribe the powers and duties of certain state departments and agencies; and to provide for penalties and remedies," by amending section 104 (MCL 450.4104), as amended by 2002 PA 686.
Full Text available at: http://www.legislature.mi.gov/documents/2005-2006/publicact/pdf/2005-PA-0218.pdf
Bill Status: Signed by Governor November 21, 2005 and effective immediately as Public Act 0218'05
SB 666
AN ACT to amend 1982 PA 162, entitled "An act to revise, consolidate, and classify the laws relating to the organization and regulation of certain nonprofit corporations; to prescribe their duties, rights, powers, immunities, and liabilities; to provide for the authorization of foreign nonprofit corporations within this state; to impose certain duties on certain state departments; to prescribe fees; to prescribe penalties for violations of this act; and to repeal certain acts and parts of acts," by amending section 131 (MCL 450.2131), as amended by 1992 PA 198.
Full Text available at: http://www.legislature.mi.gov/documents/2005-2006/publicact/pdf/2005-PA-0219.pdf
Bill Status: Signed by Governor November 21, 2005 and effective immediately as Public Act 0219'05
SB 667
AN ACT to amend 1982 PA 213, entitled "An act to authorize the formation of limited partnerships; to define the rights and liabilities of the partners, the relation of partners to each other, and to persons dealing with limited partnerships; to provide for the dissolution and winding up of limited partnerships; to provide for registration of foreign limited partnerships; to provide certain causes of action; to impose certain duties on certain state departments; to make uniform the law relating to limited partnerships; and to repeal certain acts and parts of acts," by amending section 206 (MCL 449.1206), as amended by 1992 PA 110.
Full Text available at: http://www.legislature.mi.gov/documents/2005-2006/publicact/pdf/2005-PA-0220.pdf
Bill Status: Signed by Governor November 21, 2005 and effective immediately as Public Act 0220'05
New Jersey
HB 4475/S1892
An Act requiring owners of pass-through entities to credit certain payments the entities make on the owner's behalf against the owners' estimated taxes, amending P.L.2002, c.40, P.L.1981, c.184, and N.J.S.54A:9-6.
Full Text available at: http://www.njleg.state.nj.us/2004/Bills/A3500/4475_I1.PDF
Bill Status: December 12, 2005 Passed by the Assembly (78-0-0)
Pennsylvania
HB 2251
An Act amending Title 15 (Corporations and Unincorporated Associations) of the Pennsylvania Consolidated Statutes, repealing annual registration requirements for registered limited liability partnerships and limited liability companies; and making an editorial change.
Full Text available at: http://www2.legis.state.pa.us/WU01/LI/BI/BT/2005/0/HB2251P3139.pdf
Current Bill Status: Referred to Commerce Committee, Nov. 21, 2005
Previous issues of the NRAI Newsletter may be found
at: http://secure.nrai.com/dynamic_frame.asp?page=research
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Control Freaks
Rejoice.
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Corporate
Compliance Manager from NRAI will help you more
effectively manage your corporate entity information so
you can stop wasting time and energy trying to manage
the chaos
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Call us today at 800.550.6724
or check us out online at www.CorporateComplianceManager.com
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About
NRAI
Headquartered in Princeton, NJ, NRAI is the Nation’s fastest growing
company of its kind; providing registered agent and entity management services
for tens of thousands of business entities throughout the United States and
around the world. Through the NRAI Affiliate Network of over 500 professionals
worldwide and a correspondent network of thousands, NRAI provides comprehensive
corporate and public record information, research, retrieval, filing and
corporate services for law firms and corporate legal departments.
For
more information regarding NRAI services, please contact us at
800.550.6724 or info@nrai.com
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