The bill amends various sections of the Code of West Virginia to establish the Uniform Protected Series Act, which creates a legal framework for series limited liability companies (LLCs) and their protected series. It defines key terms, outlines the powers and responsibilities of protected series, and specifies procedures for their establishment, naming, and governance. The act addresses liability limitations for protected series and related persons, as well as the treatment of foreign series LLCs. Additionally, it introduces the Decentralized Unincorporated Nonprofit Association Act, which allows for the use of distributed ledger technology and digital assets, recognizing unincorporated nonprofit associations as legal entities.

Key provisions include the requirement for a protected series to include the company name and the phrase "Protected Series" in its name, the establishment of a registered agent for service of process, and the clarification that serving a summons on a series LLC or a protected series serves as notice to all associated entities. The bill also outlines the governance structure for decentralized unincorporated nonprofit associations, detailing member rights and responsibilities, and establishes a new fee structure for business entity registrations and reports. It mandates that all business entities file annual or biennial reports starting July 1, 2026, with specific exemptions for veteran-owned businesses. Overall, the legislation aims to modernize the legal framework for business operations in West Virginia, enhancing clarity and flexibility.

Statutes affected:
Introduced Version: 31B-14-101, 31B-14-102, 31B-14-103, 31B-14-104, 31B-14-105, 31B-14-106, 31B-14-107, 31B-14-108, 31B-14-201, 31B-14-202, 31B-14-203, 31B-14-204, 31B-14-205, 31B-14-206, 31B-14-301, 31B-14-302, 31B-14-303, 31B-14-304, 31B-14-305, 31B-14-401, 31B-14-402, 31B-14-403, 31B-14-404, 31B-14-501, 31B-14-502, 31B-14-503, 31B-14-601, 31B-14-602, 31B-14-603, 31B-14-604, 31B-14-605, 31B-14-606, 31B-14-607, 31B-14-608, 31B-14-701, 31B-14-702, 31B-14-703, 31B-14-704, 31B-14-801
Committee Substitute: 46-1-201, 59-1-2, 59-1-2a, 31B-14-101, 31B-14-102, 31B-14-103, 31B-14-104, 31B-14-105, 31B-14-106, 31B-14-107, 31B-14-108, 31B-14-201, 31B-14-202, 31B-14-203, 31B-14-204, 31B-14-205, 31B-14-206, 31B-14-301, 31B-14-302, 31B-14-303, 31B-14-304, 31B-14-305, 31B-14-401, 31B-14-402, 31B-14-403, 31B-14-404, 31B-14-501, 31B-14-502, 31B-14-503, 31B-14-601, 31B-14-602, 31B-14-603, 31B-14-604, 31B-14-605, 31B-14-606, 31B-14-607, 31B-14-608, 31B-14-701, 31B-14-702, 31B-14-703, 31B-14-704
Enrolled Committee Substitute: 46-1-201, 59-1-2, 59-1-2a, 31B-14-101, 31B-14-102, 31B-14-103, 31B-14-104, 31B-14-105, 31B-14-106, 31B-14-107, 31B-14-108, 31B-14-201, 31B-14-202, 31B-14-203, 31B-14-204, 31B-14-205, 31B-14-206, 31B-14-301, 31B-14-302, 31B-14-303, 31B-14-304, 31B-14-305, 31B-14-401, 31B-14-402, 31B-14-403, 31B-14-404, 31B-14-501, 31B-14-502, 31B-14-503, 31B-14-601, 31B-14-602, 31B-14-603, 31B-14-604, 31B-14-605, 31B-14-606, 31B-14-607, 31B-14-608, 31B-14-701, 31B-14-702, 31B-14-703, 31B-14-704, 36-13-1, 36-13-2, 36-13-3, 36-13-4, 36-13-5, 36-13-6, 36-13-7, 36-13-8, 36-13-9, 36-13-10, 36-13-11, 36-13-12, 36-13-13, 36-13-14, 36-13-15, 36-13-16, 36-13-17, 36-13-18, 36-13-19, 36-13-20, 36-13-21, 36-13-22, 36-13-23, 36-13-24, 36-13-25, 36-13-26, 36-13-27, 36-13-28, 36-13-29, 36-13-30, 36-13-31