McGeehan Law
McGeehan Pascale, PLC
Attorneys & Councellors at Law​
11211 Waples Mill Rd #210
Fairfax, VA 22030
​703.273.5303
 
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McGeehan Law

Changes To The Virginia Limited Liability Company Act

3/17/2016

 
The 2016 Virginia General Assembly enacted HB 955 changing the Virginia Limited Liability Company Act.  It brings into the Act a new section on entity conversions (changing from one form of business structure to another), aligns LLC conversions with the Virginia Business Trust Act and provides for reorganization of an LLC in bankruptcy, as is provided for corporations.                                        

The House continued HB 130 that would have established a series LLC in which managers, members, or interests can differ as to rights, powers or duties. Series LLC are great for aligning assets with liabilities with respect to specific property or obligations.

MCGEEHAN PASCALE, PLC supports the enactment of HB 955 as it clarifies and removes discrimination against LLCs in the described matters.  MCGEEHAN PASCALE, PLC favors not enacting HB 130 this year.   For more than 25 years we achieved similar outcomes with a “Hershey® bar” structure of LLCs and a Virginia statute is desirable and can be less expensive.  Between 15 -18 states and territories enacted laws permitting series LLCs, but the Uniform Protected Series Act (“UPSA”) was updated in 2016 and the General Assembly should wait and study this more current version. 

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    John P. McGeehan is the managing member of McGeehan Pascale, PLC. His practice focuses on business structures, especially new, emerging, small businesses and not for profit organizations, all business transactions, employment law, real estate, commercial leasing, estate planning and litigation before administrative agencies and all courts.

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Fairfax, VA 22030

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