Small Business Reading Room

Friday, May 07, 2010

Delaware Corporate Legislation Tracker

The Delaware Corporate Legislation Tracker is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations. Stay on top of changes to the DGCL with the Delaware Corporate Legislation Tracker!

Here's what's been happening with new and pending Delaware legislation this past week:

The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 5/03/2010:

HB 341
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.

Synopsis:
This bill is a comprehensive set of amendments to many sections of the General Corporation Law of the State of Delaware (“DGCL”), and to Chapter 5 of Title 8, to clarify, fill gaps in, and make consistent the DGCL’s application to corporations that are not authorized to issue capital stock, commonly known as nonstock corporations. For historical reasons, the DGCL has not comprehensively addressed nonstock corporations. Since Delaware now has approximately 18,000 registered nonstock corporations, these amendments will provide clarity and consistency so that these entities and their advisors will have appropriate and necessary statutory guidance. Most notably, new Section 114 of the DGCL is a “translator” provision that sets forth which provisions of the DGCL apply to nonstock corporations generally and which provisions apply to non-profit nonstock corporations specifically. With the exception of amendments to Sections 313, 391, and 501, none of these amendments is intended to affect the DGCL with respect to stock corporations, either directly or by negative implication.

Bill History:

May 03, 2010 - Signed by Governor

Apr 28, 2010 - Passed by Senate. Votes: Passed
18 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT

Apr 28, 2010 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

Mar 30, 2010 - Assigned to Judiciary Committee in Senate

History: Mar 25, 2010 - Passed by House of Representatives.
Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT

Mar 24, 2010 - Reported Out of Committee (JUDICIARY) in House with 6 Favorable, 2 On Its Merits

Mar 23, 2010 - Introduced and Assigned to Judiciary Committee in House

The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 5/04/2010:

HB 375 w/HA 1
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE DELAWARE GENERAL CORPORATION LAW.

Bill History:

May 04, 2010 - Assigned to Judiciary Committee in Senate

Apr 29, 2010 - Passed by House of Representatives. Votes: Passed
38 YES 0 NO 1 NOT VOTING 2 ABSENT 0 VACANT

Apr 29, 2010 - Amendment HA 1 - Passed in House by Voice Vote

Apr 28, 2010 - Reported Out of Committee (JUDICIARY) in House with 3 Favorable, 3 On Its Merits

Apr 28, 2010 - Amendment HA 1 - Introduced and Placed With Bill

Apr 21, 2010 - Introduced and Assigned to Judiciary Committee in House

The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 05/04/2010:

HB 372
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:

May 04, 2010 - Assigned to Judiciary Committee in Senate

Apr 29, 2010 - Passed by House of Representatives. Votes: Passed
38 YES 0 NO 1 NOT VOTING 2 ABSENT 0 VACANT

Apr 28, 2010 - Reported Out of Committee (JUDICIARY) in House with 3 Favorable, 3 On Its Merits

Apr 21, 2010 - Introduced and Assigned to Judiciary Committee in House

HB 373
Title: AN ACT TO AMEND CHAPTER 17, 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.

Bill History:

May 04, 2010 - Assigned to Judiciary Committee in Senate

Apr 29, 2010 - Passed by House of Representatives. Votes: Passed
38 YES 0 NO 1 NOT VOTING 2 ABSENT 0 VACANT

Apr 28, 2010 - Reported Out of Committee (JUDICIARY) in House with 3 Favorable, 3 On Its Merits

Apr 21, 2010 - Introduced and Assigned to Judiciary Committee in House

HB 374
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:

May 04, 2010 - Assigned to Judiciary Committee in Senate

Apr 29, 2010 - Passed by House of Representatives. Votes: Passed
38 YES 0 NO 1 NOT VOTING 2 ABSENT 0 VACANT

Apr 28, 2010 - Reported Out of Committee (JUDICIARY) in House with 3 Favorable, 3 On Its Merits

Apr 21, 2010 - Introduced and Assigned to Judiciary Committee in House

The following Legislation affecting Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the General Assembly on 05/04/2010:

SB 239
Title: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO FIDUCIARY RELATIONS.

Bill History:

May 04, 2010 - Assigned to Banking Committee in Senate

posted by Unknown at 11:07 AM - permalink 0 comments

Attn nonprofits! Don't forget IRS Form 990 N is due by May 15th

The IRS wants to ensure that it and potential donors have current information about nonprofit organizations. To help meet that goal, a provision in the 2006 Pension Protection Act was enacted to require tax-exempt organizations to file once during the three-year period following the passage of the act.

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.

Don't let your organization be one of them!

Many small nonprofits may lose tax-exempt status

posted by Unknown at 9:15 AM - permalink 0 comments

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