Bill Summary for S 114 (2017-2018)

Summary date: 

Apr 12 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 114 (Public) Filed Tuesday, February 21, 2017
AN ACT REVISING THE LAWS GOVERNING THE SUBMISSION OF ANNUAL REPORTS BY VARIOUS BUSINESS ENTITIES TO THE SECRETARY OF STATE; CONFORMING THE TREATMENT OF LEASEHOLD INTERESTS IN EXEMPT PROPERTY TO THAT OF OTHER TYPES OF INTANGIBLE PERSONAL PROPERTY FOR PURPOSES OF THE PROPERTY TAX; AND CREATING THE CRIMINAL CODE RECODIFICATION COMMISSION.
Intro. by Wells, Tarte.

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Bill summary

Senate committee substitute makes the following changes to the 1st edition.

Amends GS 55-16-22 (Annual reports for corporations). Deletes the proposed amendment authorizing the Secretary of State to assess a $250 penalty for an annual report containing incomplete or inaccurate information, and punishing persons who willfully fail to completely and accurately provide required information. Amends the current 30-day timeline for correcting an annual report with incomplete information to provide that a report is timely filed if it is submitted (currently, delivered) within 30 days of the Secretary's notification of incompletion.

Makes a conforming change to GS 55-1-22 (Filing, service, and copying fees).

Amends GS 57D-2-24 (Annual reports for LLCs). Deletes the proposed amendment authorizing the Secretary of State to assess a $250 penalty for an annual report containing incomplete or inaccurate information, and punishing persons who willfully fail to completely and accurately provide required information. Amends the current 30-day timeline for correcting an annual report with incomplete information to provide that a report is timely submitted if it is submitted (currently, delivered) within 30 days of the Secretary's notification of incompletion.

Deletes proposed amendments to GS 57D-1-22 (Filing, service, and copying fees).

Amends GS 57D-6-06(c). Provides that penalties, fees, or other payments due under GS Chapter 57D must be paid prior to reinstatement of an administratively dissolved LLC.

Amends proposed GS 55A-16-22.1 (Annual report for Nonprofits). Directs the corporation to submit its annual reports to the Secretary of State by November 15 of each year, beginning with the year following the formation of the corporation, and annually thereafter until the effective date of a voluntary or judicial dissolution. Deletes the provision authorizing the Secretary of State to assess a $250 penalty for an annual report containing incomplete or inaccurate information, and punishing persons who willfully fail to completely and accurately provide required information. Directs the Secretary of State to promptly notify the reporting corporation in writing of an incomplete report, and to return the report for correction. Provides that a corrected report is timely submitted if submitted within 30 days after the effective date of notice.

Deletes the proposed amendment to GS 55A-1-22 prohibiting the Secretary of State from charging an additional amount for the use of electronic filing and/or payment.

Allows the Secretary of State, until January 1,2021, to waive the fee charged to a corporation seeking reinstatement following administrative dissolution for delinquent filing.

Amends GS 59-84.4 (Annual report for Secretary of State for limited liability partnerships). Deletes the proposed amendment authorizing the Secretary of State to assess a $250 penalty for an annual report containing incomplete or inaccurate information, and punishing persons who willfully fail to completely and accurately provide required information. Amends the current 30 day timeline for correcting an annual report with incomplete information to provide that a report is timely submitted if it is submitted (currently, delivered) within 30 days of the Secretary's notification of incompletion. Requires penalties, fees, or other payments due under GS Chapter 59 to be paid prior to reinstatement of a revoked limited liability partnership.

Deletes proposed amendments to GS 59-35.2 (Filing, service, and copying fees) prohibiting the Secretary of State from charging an additional amount for the use of electronic filing and/or payment, and requiring the State Treasurer to remit $2 from fees to the Secretary of State.

Amends the effective date provision so that various parts of the bill are effective for entities at different times, depending on the entity's gross revenue.

Makes organizational changes to the bill.

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