The bill amends various sections of Vermont's statutes to modernize the language and clarify the roles of business entities and cooperative associations. It changes references from "Secretary of State" to "the Secretary's" direction for consistency and updates the title of Chapter 7 to "General Cooperative Corporations and Cooperative Associations." New definitions and provisions for nonprofit cooperative associations are introduced, requiring articles of incorporation to include specific details about the association's purpose, address, and management structure. The registration process for assumed business names, partnerships, and unincorporated nonprofit associations is also modified, mandating that registrations include the business name, principal office address, and information about involved individuals.

Additionally, the bill outlines new requirements for business registrations, including a sworn statement from an authorized person and a filing deadline of 10 days after commencing business. It grants the Secretary of State authority to reject non-distinguishable business names and introduces penalties for non-compliance. The bill also clarifies the process for amending registration details and the consequences of failing to register or reregister every five years. Other amendments include provisions for the reservation of business names, the designation of agents for service of process, and the issuance of certificates of good standing. Overall, these updates aim to streamline administrative processes and enhance clarity in the legal framework governing business entities in Vermont, with the act set to take effect on July 1, 2025.

Statutes affected:
As Passed By the House -- Official: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81
As Passed By the House -- Unofficial: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81
As Passed by Both House and Senate -- Official: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81, 11-4028
As Passed by Both House and Senate -- Unofficial: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11-4028, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81
As Enacted: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11-4028, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81