The bill amends various sections of the West Virginia Code to transition business reporting requirements and associated fees from an annual to a biennial schedule for domestic and foreign corporations, limited partnerships, and limited liability companies. Companies can opt for biennial reporting at a fee of $50, compared to the annual fee of $25, provided they have timely filed all required annual reports for five consecutive years. The amendments affect multiple sections, including 11-12C-5, 19-4-19, 31B-1-108, 31B-2-208, and 31B-2-211, and will take effect on July 1, 2026. The bill also establishes a web-based business portal for streamlined interactions between businesses and government agencies, emphasizing compliance with state laws and the consequences of failing to meet reporting obligations.

Additionally, the bill introduces procedures for the administrative dissolution of limited partnerships and foreign limited partnerships, empowering the Secretary of State to dissolve partnerships that fail to meet their obligations. It allows partnerships to elect biennial reporting under specific conditions and revises the fee structure for business entity registrations, including provisions for foreign partnerships. The bill establishes a noninterest-bearing escrow account for prepaid services, provides fee exemptions for veteran-owned and active-duty member businesses, and allows for expedited services for a fee. Overall, the legislation aims to streamline business operations and enhance the efficiency of the Secretary of State's office in managing these regulations.

Statutes affected:
Introduced Version: 31B-2-211, 47-9-10a, 59-1-2a
Committee Substitute: 11-12C-5, 19-4-19, 31B-1-108, 31B-2-208, 31B-2-211, 31B-8-809, 31B-10-1006, 31D-1-131, 31G-2-19, 33-4-12, 47-9-10a, 47-9-53a, 47B-10-1, 47B-10-4, 59-1-2, 59-1-2a
Engrossed Committee Substitute: 11-12C-5, 19-4-19, 31B-1-108, 31B-2-208, 31B-2-211, 31B-8-809, 31B-10-1006, 31D-1-131, 31G-2-19, 33-4-12, 47-9-10a, 47-9-53a, 47B-10-1, 47B-10-4, 59-1-2, 59-1-2a
Enrolled Committee Substitute: 11-12C-5, 19-4-19, 31B-1-108, 31B-2-208, 31B-2-211, 31B-8-809, 31B-10-1006, 31D-1-131, 31G-2-19, 33-4-12, 47-9-10a, 47-9-53a, 47B-10-1, 47B-10-4, 59-1-2