NE Conversions

NE LB 1050 was passed by the Nebraska Legislature on April 1, 2016, and was signed into law by Nebraska Governor Pete Ricketts on April 7, 2016. The bill authorizes the conversion of domestic partnerships and domestic limited liability partnerships into domestic limited liability companies or foreign limited liability companies. The bill is effective July 21, 2016.

Closing Anti-Money Laundering Loopholes

Introduced on July 14, U.S. Senate Bill 3268 requires all business entities to obtain an employer identification number (EIN) from the Secretary of the Treasury.  Most entities are already required to obtain an EIN by completing IRS Form SS-4. S 3268 expands this requirement to include previously disregarded entities, such as single-member LLCs. Further, the legislation authorizes the IRS to share information gathered, including the name and any available contact information of the responsible party and any third-party designee reflected on the EIN application, with law enforcement under certain conditions. In this election year, the legislation is unlikely to pass.

Notably, S 3268 contains no provisions requiring registered agents and/or secretaries of states and equivalent agencies to collect and maintain beneficial ownership information, despite legislation in prior sessions and pending bills S 2489 and HB 4450 that contained such requirements. The process contemplated by S 3268 would bypass registered agents and state agencies.  Entities would simply be required to obtain an EIN directly from Treasury.

Arizona SB1356 - Filings for Foreign Corporations

Arizona Senate Bill 1356 was signed into law on May 19, 2016. The bill requires both certified copies from the foreign jurisdiction and articles of amendment will be required if the corporation changes its name, duration, or domicile, or if anything on the original Application was inaccurate when filed. The bill also eliminates the application for new authority, and replaces it with Articles of Amendment to Application for Authority (https://www.azcc.gov/Divisions/Corporations/Legislative-changes-update-May-2016.pdf). The bill became effective August 6, 2016.

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