The bill amends various sections of Vermont's Title 3 and Title 11 to modernize the legal framework governing business entities and cooperative associations. Key changes include updating terminology, such as replacing "Secretary of State" with "the Secretary's" direction, and modifying the registration process to require businesses to register with the "Business Services Division of the Office of the Secretary of State." New definitions for terms like "nonprofit cooperative association" and "consumers cooperative" are introduced, while outdated references to "corporation" are removed in favor of "association." The bill also streamlines the registration process, requiring that registrations be subscribed and sworn to by an authorized person and filed within 10 days of commencing business.

Additionally, the bill enhances the responsibilities of registered agents for service of process, ensuring that businesses maintain current contact information and clarifying the procedures for changing designated offices and agents. It introduces provisions for the reservation of business names and updates the requirements for limited partnerships and limited liability companies, including the need for email and address information for agents. The bill also addresses the involuntary termination of foreign corporations' certificates of authority and outlines the conditions for reinstatement. Overall, these amendments aim to improve clarity, compliance, and operational efficiency for businesses operating 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