This bill amends the Code of West Virginia to change the reporting requirements for limited liability companies and limited partnerships from an annual to a biennial basis. Key changes include the insertion of "biennial" in place of "annual" in several sections, such as 31B-2-211, 47-9-10a, and 59-1-2a. The first biennial report for limited liability companies is required to be submitted between January 1 and July 1 of the year following their organization, with subsequent reports due every other calendar year. A new biennial report fee of $35 will be implemented, effective July 1, 2026, replacing the previous annual fee structure. The bill also outlines consequences for failing to submit the required reports or fees, including potential administrative dissolution of limited partnerships.

Additionally, the bill introduces new requirements for solicitations related to biennial report filings, mandating clear disclosures to prevent misleading practices. It establishes penalties for noncompliance, including fines and potential jail time, and allows individuals harmed by violations to seek damages. The amendments will take effect on July 1, 2026, and will not absolve any prior failures to file annual reports or pay associated fees. Overall, the legislation aims to streamline the reporting process for businesses in West Virginia while enhancing transparency and accountability in business practices.

Statutes affected:
Introduced Version: 31B-2-211, 47-9-10a, 59-1-2a