This bill amends provisions relating to business entities.
This bill:
- defines terms;
- lists the areas of code the Division of Corporations and Commercial Code (division) administers;
- provides that the division shall offer to sell or license a copy of each document filed with the division under certain conditions;
- enacts Title 16, Chapter 1a, Provisions Applicable to All Business Entities;
- establishes standardized entity filing requirements for all business entities;
- provides that the division may provide forms for an entity filing;
- establishes a standard for the effective date and time of an entity filing;
- provides the circumstances under which a person may withdraw an entity filing before effectiveness;
- establishes the standards for correcting an entity filing;
- provides that the division has a duty to file an entity filing that complies with certain standards;
- establishes signing requirements for an entity filing;
- provides for liability for a person that provides inaccurate information in a filed record;
- provides the manner by which the division may deliver a record to a person;
- provides the requirements for an entity's annual report to the division;
- establishes standards for permissible names for an entity;
- provides the name requirements for specific entities;
- establishes the process by which a person may reserve an entity name;
- provides the process by which a foreign filing entity may register a name;
- provides which business entities are required to maintain a registered agent in this state;
- provides the process for designating a registered agent;
- provides the process for the listing of a commercial registered agent;
- establishes the process for the termination of the listing of a commercial registered agent;
- provides the process by which a represented entity may change the represented entity's registered agent;
- provides the process by which a noncommercial registered agent may change the noncommercial registered agent's name or address;
- establishes the process by which a commercial registered agent may change the commercial registered agent's name, address, type of entity, or jurisdiction of formation;
- provides the process by which a registered agent may resign as a registered agent;
- provides how a person may make service of process, notice, or demand on an entity;
- describes the duties of a registered agent;
- provides that a foreign entity shall register with the division to do business in this state;
- provides the requirements for filing and amending a foreign registration statement;
- provides that certain activities of a foreign entity do not constitute doing business in this state;
- provides the process by which a foreign entity may adopt an alternate name that complies with the name requirements of this state;
- provides the process by which a registered foreign entity may withdraw the registered foreign entity's registration with the division;
- provides for a transfer of a registered foreign entity's registration under certain conditions;
- provides the conditions and manner under which the division may terminate a registered foreign entity's registration;
- provides the grounds under which the division may administratively dissolve a domestic filing entity;
- provides the procedure and effect of an administrative dissolution of a domestic filing entity;
- provides the conditions under which and process by which a domestic filing entity may be reinstated after administrative dissolution;
- provides the process by which an entity may take part in a merger;
- provides the requirements for a plan of merger;
- provides the requirements to approve a plan of merger;
- establishes the process for amending or abandoning a plan of merger;
- provides that a merging entity sign a statement of merger;
- establishes the effect of a merger;
- provides that an interest holder in an entity that undergoes a merger, conversion, or domestication has appraisal rights;
- provides the process by which an entity may take part in an interest exchange;
- provides the requirements for a plan of interest exchange;
- provides the requirements to approve a plan of interest exchange;
- establishes the process for amending or abandoning a plan of interest exchange;
- provides that an acquired entity sign a statement of interest exchange;
- establishes the effect of an interest exchange;
- provides the process by which an entity may take part in a conversion;
- provides the requirements for a plan of conversion;
- provides the requirements to approve a plan of conversion;
- establishes the process for amending or abandoning a plan of conversion;
- provides that a converting entity sign a statement of conversion;
- establishes the effect of a conversion;
- provides the process by which an entity may take part in a domestication;
- provides the requirements for a plan of domestication;
- provides the requirements to approve a plan of domestication;
- establishes the process for amending or abandoning a plan of domestication;
- provides that a merging entity sign a statement of domestication;
- establishes the effect of a domestication;
- renumbers Title 48, Chapter 1d, Utah Uniform Partnership Act, to Title 16, Chapter 18, Utah Uniform Partnership Act;
- renumbers Title 48, Chapter 2e, Utah Uniform Limited Partnership Act, to Title 16, Chapter 19, Utah Uniform Limited Partnership Act;
- renumbers Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act, to Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act;
- changes references in code from "assumed name" to "D.B.A.";
- provides what the name of a D.B.A. may contain;
- provides the standards for registering as a D.B.A.;
- provides the process for amending a D.B.A. certificate;
- provides the manner by which a D.B.A. may transfer ownership;
- provides the expiration, renewal, and cancellation of a registration process for a D.B.A.;
- provides penalties for a person that transacts business as a D.B.A. without complying with Title 42, Chapter 2, Conducting Business as a D.B.A.;
- repeals provisions in existing code that the enactment of Title 16, Chapter 1a, Provisions Applicable to All Business Entities, makes redundant; and
- makes technical and conforming changes.
Recommended by: Business and Labor Interim Committee