Small Business Reading Room


Monday, June 25, 2012

The Delaware Corporate Legislation Tracker for June 22, 2012

Better late than never! There was a lot of activity last week at legislative hall in Dover, and it took us a while to get it all together for you for the latest edition in this regular series of posts.


The Delaware Corporate Legislation Tracker is a free service offered by our firm,  designed to keep you informed on current and pending legislation related to the Delaware Code, Delaware Corporate rules, regulations, and Delaware business matters.

Here's what is happening in Delaware Law:


The following Legislation affecting Title 29 - State Government was acted upon by the General Assembly on 6/20/2012:



HB 386
Title:  AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO STATE ECONOMIC DEVELOPMENT.



Synopsis:
This Act will allow expanded early stage investment of capital into targeted Delaware businesses, thereby assisting in the creation of jobs.  The Act provides tax credits for investments into targeted small businesses that have been certified by the First State Angel Investment Council (FSAIC). The FSAIC FSAIC will review applications submitted by small businesses meeting the eligibility requirements.  A qualified investor may then make an investment into the qualified small business and receive a tax credit for Delaware income tax.

The FSAIC is authorized to grant $500,000 of state income tax credits within a period of two years from the passage of the Act.  This will potentially generate $2.5 million of private investment into qualified small businesses and if the average size of an investment is $50,000, there will be fifty Delaware small businesses that will receive investments which will help create new jobs in the state which will foster additional economic activity including more personal income tax revenue for the state.

Bill History:



Jun 20, 2012 - Assigned to Appropriations Committee in House
Jun 20, 2012 - Reported Out of Committee (HOUSE ADMINISTRATION) in House with 3 On Its Merits
Jun 12, 2012 - Introduced and Assigned to House Administration Committee in House



The following Legislation affecting Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the General Assembly on 6/20/2012:



SB 218
Title:  AN ACT TO AMEND CHAPTER 38, TITLE 12 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC STATUTORY TRUSTS.



Synopsis:
This bill proposes changes to Delaware Statutory Trust Act (the “Act”) to keep it current and to maintain its national preeminence.


Bill History:

Jun 21, 2012 - Passed by House of Representatives.
Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Jun 13, 2012 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 11 On Its Merits
Jun 06, 2012 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Jun 05, 2012 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (BANKING) in Senate with 6 On Its Merits
May 09, 2012 - Assigned to Banking Committee in Senate





HB 396
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ADMINISTRATION OF DECEDENTS’ ESTATES.



Synopsis:
Existing Delaware law does not address estate property interests in digital assets and digital accounts. This bill will provide executors and administrators of estates control of deceased persons’ digital assets and digital accounts during the probate process. This bill will identify the service providers’ obligations to provide access and control of the assets and accounts.

Bill History:

Jun 20, 2012 - Reported Out of Committee (TELECOMMUNICATION INTERNET & TECHNOLOGY) in House with 6 On Its Merits
Jun 19, 2012 - Introduced and Assigned to Telecommunication Internet & Technology Committee in House



The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/19/2012:



HB 338
Title:  AN ACT TO AMEND 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:

Jun 19, 2012 - Passed by Senate.
Votes: Passed 17 YES 0 NO 0 NOT VOTING 4 ABSENT 0 VACANT
Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House





HB 339
Title:  AN ACT TO AMEND 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:

Jun 19, 2012 - Passed by Senate.
Votes: Passed 17 YES 0 NO 0 NOT VOTING 4 ABSENT 0 VACANT
Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives. 
Votes: Passed 37 YES 0 NO 0 NOT VOTING 4 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House



HB 340
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.

Bill History:

Jun 19, 2012 - Passed by Senate.
Votes: Passed 18 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 36 YES 0 NO 0 NOT VOTING 5 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House



The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 6/19/2012:



HB 342
Title:  AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.


Synopsis:

This bill continues the practice of amending periodically the Delaware General Corporation Law (the “DGCL”) to keep it current and to maintain its national preeminence.

Bill History:

Jun 19, 2012 - Passed by Senate.
Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 36 YES 0 NO 0 NOT VOTING 5 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 7 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House

The following Legislation affecting Title 29 State Government was acted upon by the General Assembly on 6/15/2012:


SB 111
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO ANTITRUST ACTIONS.



Synopsis:
This Act strengthens the Office of the Attorney General’s ability to work collectively with the federal agencies and other state attorneys general in multi-state investigations by extending the statute of limitations for bringing antitrust actions from 3 to 4 years. The statute of limitations for federal antitrust actions is four years and for most other state antitrust actions, four or more years. The legislation also incorporates the provision under federal law that suspends the statute of limitations for antitrust actions when the federal government has instituted an antitrust action.



Bill History:

Jun 15, 2012 - Signed by Governor
Jun 05, 2012 - Passed by Senate.
Votes: Passed 19 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (BANKING) in Senate with 6 On Its Merits
Apr 25, 2012 - Assigned to Banking Committee in Senate
Apr 05, 2012 - Passed by House of Representatives.
Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
Apr 04, 2012 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 10 On Its Merits
May 10, 2011 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House









0 comments


What Are the Top Five Disaster Risks to Small Businesses?

Small businesses are particularly vulnerable to losses caused by natural disaster, cyberattacks, and – on a smaller scale – structural failure due to random events like faulty sprinkler systems or localized fires.

One of the first steps in creating a business continuity plan involves assessing risk.  

Join Agility Recovery and the U.S. Small Business Administration in a live online discussion on Tuesday, July 10 for a discussion on how to protect your business from the risks that could force you to close your doors for good.    

SBA has partnered with Agility to offer business continuity strategies at its “PrepareMyBusiness” website. There, you can access past webinars and get additional preparedness tips.

The SBA provides disaster recovery assistance in the form of low-interest loans to homeowners, renters, private nonprofits and businesses of all sizes. To learn more, visit www.sba.gov/disaster.

Space is for this webinar is limited! Register at https://www1.gotomeeting.com/register/528756816



0 comments





link to Atom Feed
links

magazines

blogs

Archives

Delaware Intercorp, Inc.
113 Barksdale Professional center
Newark, DE 19711-3258

"For all the best reasons to incorporate,the best place
is Delaware and the best incorporator is
Delaware Intercorp!"

Call Monday - Friday 09:00 (am) - 17:00 (pm) Eastern Time (GMT-05:00)

Toll Free - USA only - 888.324.1817
International: (1) 302.266.9367
FAX: 302.266.9940
Email: info@delawareintercorp.com