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Bill

LC 195

Generally revise business laws

2025 Regular Session

LC 195 modernizes corporate, partnership, and association laws, updating formation, governance, fiduciary duties, and dissolution to improve oversight and business compliance.

(LC) Draft Delivered to Requester
#corporations/partnerships/associations
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WeVote Research Nonpartisan
Bill Summary · LC 195

Summary of LC 195: Generally revise business laws

Lumber: This summary is based on the bill metadata and legislative actions provided. The actual text of the bill’s provisions is not included here; once the draft text is released, a detailed provision-by-provision analysis should be prepared.

Overview

  • Bill number and title: LC 195 — Generally revise business laws
  • Subject: Corporations, Partnerships, and Associations
  • Purpose (as inferred from the title): To modernize and revise existing business statutes governing corporations, partnerships, and associations. The exact scope, definitions, and reforms will depend on the final draft language.

Status and Timeline

  • Introduced: September 6, 2024
  • Current status: (LC) Draft Delivered to Requester
  • Key Legislative Actions (chronological):
    • 2024-09-06: Drafter Assigned
    • 2025-02-11: Draft in Legal Review
    • 2025-02-12: Draft in Edit
    • 2025-02-16: Draft in Input/Proofing
    • 2025-02-17: (LC) Draft Ready for Delivery
    • 2025-02-17: (LC) Draft Delivered to Requester
    • 2025-02-17: (LC) Draft in Final Drafter Review
    • 2025-02-17: (LC) Draft in Assembly

Note: The sequence shows the bill moving through standard drafting stages and approaching consideration by the Assembly. The exact text has not been released in this summary.

What the bill would do (scope and provisions)

  • The provided information does not include the bill’s text. Therefore, specific statutory changes are not enumerated here.
  • Based on the title and subject, the bill is expected to address reforms across:
    • Formation, governance, and oversight of corporations
    • Treatment and regulation of partnerships
    • Rules governing associations and related entities
    • Compliance, reporting, and fiduciary duties
    • Dissolution, mergers, restructurings, or reorganizations
  • Potential areas of reform commonly seen in “Generally revise” business-law bills may include modernizing definitions, clarifying standard forms of governance, updating filing and fee requirements, and aligning statutes with contemporary business practices. The exact provisions and their implications will depend on the final draft.

Affected parties and entities

  • Domestic and foreign entities formed under corporate, partnership, or association statutes
    • Corporations (for-profit, nonprofit where applicable)
    • Limited liability companies and other business entities that fall under “corporations/partnerships/associations”
    • Directors, officers, members, and partners
    • Legal, corporate, and compliance professionals
    • State agencies and filing offices responsible for business registrations and oversight

Procedural and timeline considerations

  • Once the Assembly reviews the draft, the bill will undergo committee consideration, possible amendments, and votes before moving to the Senate (or the next legislative stage, depending on the jurisdiction’s process).
  • Stakeholders (business owners, corporate counsel, and professional associations) will want to review the released draft text, fiscal notes, and impact analyses to assess costs, compliance timelines, and potential transitional provisions for existing entities.

Next steps for readers

  • Monitor the official legislative website for LC 195 to obtain the actual bill text when released.
  • Review fiscal impact statements, if available.
  • Prepare for a detailed analysis of specific provisions once the draft is public, focusing on formation, governance, fiduciary duties, reporting, dissolution, and any transitional rules for existing entities.

If you’d like, I can update this summary with precise provisions and impacts as soon as the official draft text is released.

Compiled from official sources — confirm details with the bill’s official record.

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