Virginia – House Bill 1748, effective July 1, updates the Limited Liability Company Act

March 11, 2013

House Bill 1748 (Chapter No. 17) signed by the governor February 20 and effective July 1 updates the Limited Liability Company Act to clarify standards for execution of documents by foreign LLCs; presume perpetual existence of a Virginia LLC unless a specific period of duration is set forth in articles; require inclusion of an ID number in certain documents; and align annual registration fee assessment and domestication provisions with provisions for other business entity types. The bill text can be accessed at http://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+HB1748ER