Small Business Reading Room


Friday, June 19, 2009

Delaware Corporate Legislation Tracker

It's been a busy month down in Dover. Stay informed as to upcoming changes to the Delaware Code with The Delaware Corporate Legislation Tracker.

This is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:


The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/18/2009:

HB 142
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED PARTNERSHIPS.



Synopsis:
This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act.


Bill History:

Jun 18, 2009 - Passed by Senate.
Votes: 18 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT


Jun 10, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits

Jun 04, 2009 - Assigned to Judiciary Committee in Senate

Jun 02, 2009 - Passed by House of Representatives.
Votes: 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT

May 13, 2009 - Reported Out of Committee (JUDICIARY) in House with
1 Favorable, 5 On Its Merits

May 05, 2009 - Introduced and Assigned to Judiciary Committee in House



SB 88
AN ACT TO AMEND TITLES 6 AND 12 OF THE DELAWARE CODE RELATING TO TRANSFERS OF PROPERTY AND FIDUCIARY RELATIONS.



Synopsis:
This bill continues the practice of amending periodically the Delaware Code with respect to Delaware Trusts, trustees, fiduciary duties, and the filing of accounts with the Register in Chancery.

Bill History:

History:

Jun 18, 2009 - Passed by House of Representatives.
Votes: 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT

Jun 17, 2009 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 2 Favorable, 7 On Its Merits

Jun 10, 2009 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Jun 09, 2009 - Passed by Senate.
Votes: 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT

Jun 03, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 1 Favorable, 3 On Its Merits

May 13, 2009 - Assigned to Judiciary Committee in Senate





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Thursday, June 18, 2009

William B. Chandler III to be nominated for second term as Chancellor of the Delaware Court of Chancery

DOVER – Gov. Jack Markell announced yesterday that he plans to nominate William B. Chandler III for a second term as Chancellor of the Court of Chancery. As Chancellor, Chandler leads Delaware’s Court of Chancery, which is Delaware’s court of equity and the nation’s leading forum for resolution of business law disputes.


“Chancellor Chandler is a renowned jurist and Delaware is fortunate that he has agreed to be nominated for another term,” Markell said. “The Court of Chancery is an extremely valuable asset and is a major reason why Delaware is the corporate home for so many of the world’s top businesses. I am delighted that Chancellor Chandler wants to continue to provide his leadership to the Court and his service to the State of Delaware.”


Chandler joined the Court of Chancery in 1989, after four years on the Superior Court bench. He was elevated to Chancellor in 1997. As Vice-Chancellor and Chancellor, Chandler has helped build the Court’s worldwide reputation in the corporate law community.


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Delaware Corporate Legislation Tracker

Increase in Delaware Franchise Tax- again? Here's one to watch...

The Delaware Corporate Legislation Tracker is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:



The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/17/2009:

HB 239
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TAX ON LIMITED LIABILITY COMPANY.



Synopsis:
This Act would increase the State tax levied and imposed on both domestic and foreign limited liability companies.

Bill History:

Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House




HB 241
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TAX ON LIMITED LIABILITY COMPANY.



Synopsis:
This Act would increase the State tax levied and imposed on both domestic and foreign limited liability companies.

Bill History:

Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House




The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 6/17/2009:

HB 240
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO CORPORATE FRANCHISE TAX.



Synopsis:
This Act would increase the cap on the State corporate franchise tax levied and imposed on a corporation from $165,000 to $195,000 for any full taxable year.

Bill History:

Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House






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Wednesday, June 17, 2009

Delaware Corporate Legislation Tracker

I think it is safe to say the Delaware Legislature will be busy over the next two weeks...

The Delaware Corporate Legislation Tracker is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:



The following Legislation affecting Title 5 - Banking was acted upon by the General Assembly on 6/16/2009:

SB 155
Title: AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO TRUSTS.


Synopsis:
Revised Section 924(a)(1) is intended to expand the scope of beneficiaries permitted under a so-called “Totten Trust” to include non-profit organizations qualified under Section 501(c)(3) of the Internal Revenue Code. It is expected that the expansion will offer additional estate planning alternatives that could benefit the non-profit community and will align Delaware law with FDIC insurance regulations, including the types of beneficiaries now permitted on Totten Trust accounts for purposes of FDIC insurance coverage.

Bill History:

Jun 16, 2009 - Assigned to Banking Committee in Senate









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Tuesday, June 16, 2009

iAwful- the '10 worst' proposed Net laws for Online businesses

If you are operate an e-Commerce site, then you want to stay on top of this.

  • Online sales taxes.

  • New encryption requirements.

  • Intrusive rules for social-networking sites.


  • These and other efforts to tax and regulate the Internet have all internet bases businesses concerned. NetChoice has launched www.iawful.com, to track new legislative initiatives and mobilize user opposition to the proposals.

    They also publish a list of the 10 worst legislative proposals in the nation.

    Here's a sampling:

    1. New Jersey Social Networking Bill (A 3757): Requires social networking Web sites to promptly review user allegations of harassment and abusive language, and to provide a report on the results of those reviews upon users" request.

    2. California Social Networking Bill (AB 632): Previous version would have prevented users from copying images that appear on social networking sites without users" permission; amended version requires these sites to disclose to users that photos can be copied without their consent.

    3. Connecticut Tax Bill (SB 806): Authorizes collection of sales tax on purchases from out-of-state retailers that advertise on Connecticut Web sites.
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    Delaware Corporate Legislation Tracker

    The Delaware legislature summer session is in full swing and working on changes to Delaware Corporate Law.

    Stay on top of changes to the DGCL with the Delaware Corporate Legislation Tracker. This is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations. Here's what's been happening lately:

    The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/11/2009:

    SB 82
    Title: AN ACT TO AMEND CHAPTER 18, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION OPERATION AND DISSOLUTION OF DOMESTIC LIMITED LIABILITY COMPANIES AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY COMPANIES.


    Synopsis:
    This bill continues the practice of amending periodically the Delaware Limited Liability Company Act (the "Act") to keep it current and to maintain its national preeminence.

    Bill History:

    History:

    Jun 11, 2009 - Passed by House of Representatives.
    Votes: 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT

    Jun 10, 2009 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits

    Jun 03, 2009 - Introduced and Assigned to Judiciary Committee in House

    Jun 02, 2009 - Passed by Senate.
    Votes: 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT

    May 13, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

    Apr 30, 2009 - Assigned to Judiciary Committee in Senate



    SB 83
    Title: AN ACT TO AMEND CHAPTER 15, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY PARTNERSHIPS.


    Synopsis:
    This bill continues the practice of amending periodically the Delaware Revised Uniform Partnership Act (the "Act") to keep it current and to maintain its national preeminence.

    Bill History:

    History:

    Jun 11, 2009 - Passed by House of Representatives.
    Votes: 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT

    Jun 10, 2009 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits

    Jun 03, 2009 - Introduced and Assigned to Judiciary Committee in House

    Jun 02, 2009 - Passed by Senate.
    Votes: 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT

    May 13, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

    Apr 30, 2009 - Assigned to Judiciary Committee in Senate





    The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/10/2009:

    HB 142
    Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED PARTNERSHIPS.



    Synopsis:
    This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act.


    Bill History:

    Jun 10, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits

    Jun 04, 2009 - Assigned to Judiciary Committee in Senate

    Jun 02, 2009 - Passed by House of Representatives.
    Votes: 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT

    May 13, 2009 - Reported Out of Committee (JUDICIARY) in House with
    1 Favorable, 5 On Its Merits

    May 05, 2009 - Introduced and Assigned to Judiciary Committee in House



    SB 88
    AN ACT TO AMEND TITLES 6 AND 12 OF THE DELAWARE CODE RELATING TO TRANSFERS OF PROPERTY AND FIDUCIARY RELATIONS.



    Synopsis:
    This bill continues the practice of amending periodically the Delaware Code with respect to Delaware Trusts, trustees, fiduciary duties, and the filing of accounts with the Register in Chancery.

    Bill History:

    History:

    Jun 10, 2009 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

    Jun 09, 2009 - Passed by Senate.
    Votes: 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT

    Jun 03, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 1 Favorable, 3 On Its Merits

    May 13, 2009 - Assigned to Judiciary Committee in Senate





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