National Registered Agents, Inc.
NRAI Compliance Updates
 
December 2009
Greetings,

We have reached the end of a very busy legislative year. Many of the bills we've seen have been responsive to the economic shocks experienced this year. Whether the bills aimed at the crisis will be effective remains to be seen.

New Jersey passed two new bills, this reporting period, dealing with business entity stock and mergers. Rhode Island passed a bill regarding the destruction of customer information and imposing penalties for violation.

The first of the year will bring a new flood of proposals, as always.

Have a safe and happy holiday season.

 
Robert K. Rowell
General Counsel


Federal Legislation
HB 4069
To amend the Internal Revenue Code of 1986 to allow S corporations the deduction for charitable contributions of inventory.
 
Full Text available at:http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h4069ih.txt.pdf 

Current Bill Status: November 16, 2009, referred to the House Committee on Ways and Means.

 
HB 4100
To amend the Internal Revenue Code of 1986 to provide individual and corporate income tax relief, to reduce the employee share of payroll taxes, and to rescind unobligated stimulus funds, and for other purposes.
 
Full Text available at:http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h4100ih.txt.pdf

Current Bill Status: November 18. 2009 referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
 

SB 2813
A bill to increase corporate responsibility, and for other purposes.
 
Full Text available at:http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s2813is.txt.pdf 

Current Bill Status: November 20, 2009, read twice and referred to the Committee on Banking, Housing, and Urban Affairs.



New Jersey
HB 2285/S 2245
 
Allows officers of corporation to grant employees and officers of corporation shares of stock, rights or options.
 
Full Text available at:http://www.njleg.state.nj.us/2008/Bills/AL09/159_.PDF

Current Bill Status: November 20, 2009, approved P.L.2009, c.159.
 

HB 2884/S 2283
Expands scope of unincorporated entities permitted to merge or consolidate with domestic corporations.
 
Full Text available at:http://www.njleg.state.nj.us/2008/Bills/AL09/158_.PDF

Current Bill Status: November 20, 2009, approved as P.L.2009, c.158.

 

Ohio
HB 379
To make changes to the law governing corporations including dissenting shareholders and the dissolution of a corporation.
 
Full Text available at:http://www.legislature.state.oh.us/bills.cfm?ID=128_HB_379 

Current Bill Status: November 24, 2009, in Civil & Commercial Law Committee.
 


Rhode Island
HB 5902
Imposes penalties on businesses which do not safely and securely destroy customer's personal data with penalties up to $50,000.00.
 
Full Text available at: http://www.rilin.state.ri.us/BillText09/HouseText09/H5902A.pdf

Current Bill Status: November 10, 2009, effective without Governor's signature with an effective date of January 1, 2010.


 
About NRAI
 
With Registered Agent offices in all 50 states, District of Columbia and foreign jurisdictions, NRAI is a trusted expert. Since 1995, NRAI has handled nearly 1 million Service of Process deliveries for companies large and small. Utilizing its state of the art proprietary Service of Process system to ensure proper record keeping, SOP history and prompt notice and delivery, NRAI has demonstrated its leadership and innovation in the industry. NRAI also provides user friendly online tools to assist clients with ongoing records management and corporate governance. With corporate service offices across the country, NRAI also handles a wide range of corporate transactions from entity formation to UCC searches. Its experienced and veteran corporate specialists can handle any project from simple to complex. Repeatedly praised as the best company to use in time critical situations, NRAI and its corporate service offices live outstanding customer service each day. For more information about NRAI's Entity Management Services, First Serve™, OneQuery™, Independent Director and SPE services, visit www.nrai.com.