Louisiana Business Corporation Act…Amendment Proposed to Louisiana Business Corporation Law
By: Kristen Schorp, Graffagnini + Associates, LLC, www.graffagninilaw.com. The law firm of Graffagnini + Associates, LLC focuses on legal and business issues for entrepreneurs and investors. ks@graffagninilaw.com
On March 28, 2013, 2013, Representative Franklin J. Foil (R – Baton rouge) introduced a bill (HB408) that would repeal Louisiana’s current Business Corporation Law (BCL), La. R.S. 12:1-178, and replace it with the model version of the Business Corporation Act (BCA). The BCA is a model set of laws relating to the functioning of public and private corporations that has been adopted, in whole or in significant part, by a majority of states. Rep. Foil filed HB408 on the recommendation of the Louisiana State Law Institute. It is yet unknown whether HB408 will pass the House, and subsequently the Senate. If successful as currently drafted, the new law will go into effect on January 1, 2015. The presumed purpose of the BCA is to update Louisiana’s Business Corporation Law, which was enacted in 1968. Stay tuned for updates about substantive legal changes to expect with the new law if it is enacted. See a copy of the BCA here.
In related news, Representative Walt Leger, III’s (D – New Orleans) proposed legislation (HB430) to raise certain fees charged by the Louisiana Secretary of State, including filing fees relating to corporations and limited liability companies, is currently scheduled for final vote before the House on May 2, 2013. Under the proposed law, the fee to file articles of incorporation will increase from $60 to $75 and the fee to file articles of organization will increase from $75 to $100.
Disclaimer: This post discusses general legal issues, but it does not constitute legal advice in any respect. No reader should act or refrain from acting on the basis of any information presented herein without seeking the advice of counsel in the relevant jurisdiction. Silicon Bayou News, the author and the author’s firm expressly disclaim all liability in respect of any actions taken or not taken based on any contents of this post.
By: Kristen Schorp, Graffagnini + Associates, LLC, www.graffagninilaw.com. The law firm of Graffagnini + Associates, LLC focuses on legal and business issues for entrepreneurs and investors. ks@graffagninilaw.com
On March 28, 2013, 2013, Representative Franklin J. Foil (R – Baton rouge) introduced a bill (HB408) that would repeal Louisiana’s current Business Corporation Law (BCL), La. R.S. 12:1-178, and replace it with the model version of the Business Corporation Act (BCA). The BCA is a model set of laws relating to the functioning of public and private corporations that has been adopted, in whole or in significant part, by a majority of states. Rep. Foil filed HB408 on the recommendation of the Louisiana State Law Institute. It is yet unknown whether HB408 will pass the House, and subsequently the Senate. If successful as currently drafted, the new law will go into effect on January 1, 2015. The presumed purpose of the BCA is to update Louisiana’s Business Corporation Law, which was enacted in 1968. Stay tuned for updates about substantive legal changes to expect with the new law if it is enacted. See a copy of the BCA here.
In related news, Representative Walt Leger, III’s (D – New Orleans) proposed legislation (HB430) to raise certain fees charged by the Louisiana Secretary of State, including filing fees relating to corporations and limited liability companies, is currently scheduled for final vote before the House on May 2, 2013. Under the proposed law, the fee to file articles of incorporation will increase from $60 to $75 and the fee to file articles of organization will increase from $75 to $100.
Disclaimer: This post discusses general legal issues, but it does not constitute legal advice in any respect. No reader should act or refrain from acting on the basis of any information presented herein without seeking the advice of counsel in the relevant jurisdiction. Silicon Bayou News, the author and the author’s firm expressly disclaim all liability in respect of any actions taken or not taken based on any contents of this post.
