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  www.incspot.com     |     Contact Us     |     Archive FEBRUARY 2006

Statutory Updates

Arizona
The Arizona Corporation Commission will waive late penalties for annual reports due in February 2006 as long as the reports are postmarked by March 31, 2006, due to an error that caused Annual Reports to be mailed out late. The state recommends that business entities do not e-file February annual reports, since the e-filing system is programmed to charge for late penalties.

More information is available at http://www.cc.state.az.us/corp/FebruaryAR.htm.

Maryland
An emergency bill (House Bill 512 crossfiled with Senate Bill 354) was introduced Jan 31 in the Maryland Legislature to repeal and re-enact 9-515 (d) as follows

A continuation statement may be filed only within six months before the expiration of the five-year period specified in subsection (a), the 30-year period specified in subsection (b), or the date the financing statement ceases to be effective under Section 9-705(c) of this title, whichever is applicable.

The bill text can be accessed from http://mlis.state.md.us/2006rs/billfile/hb0512.htm.

New York
Chapter 767 of the Laws of 2005, signed February 3, 2006 by the governor and effective June 1, 2006, amended the limited liability company law and partnership law, among others, relating to publication by domestic and foreign LLCs, professional service LLCs, limited partnerships and LLPs. Notice of publication shall include the names of 10 persons who are actively engaged in the business and affairs of the entity and who are members or partners of the entity having the most valuable ownership interests. The publication requirement is reduced from six to four weeks in two newspapers (one daily, one weekly) of the county in which the office of the business entity is to be located. A certificate of publication must be filed with the Department of State with affidavits of publication from the newspapers. If no proof of publication is filed within 120 days after establishment of business, suspension of the entity's authority to conduct business in New York may occur.

For more information please visit http://assembly.state.ny.us/leg/?bn=S00085.


International

Province of British Columbia
The Business Corporations Act which came into existence on March 29, 2004 requires all companies incorporated before the act came into force to file by March 29, 2006 an online transition application, a mandatory electronic filing that allows a company to confirm and update current information kept in electronic format on the corporate register.

More information is available at http://www.fin.gov.bc.ca/registries/transition.htm.


Motor Vehicle Updates

Ohio
The Ohio Bureau of Motor Vehicles has increased the price of transferring a current license plate from one vehicle to another. Effective immediately the cost is $4.50.

Utah
Emission Inspections are required every two years for vehicles less than 6 years old. Vehicles with an even model year must obtain emissions during even years and vehicles with an odd model year must obtain their emissions during odd years.

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CSCFlash™ is not intended to provide legal or professional advice. If such advice is required, you should seek the services of an attorney or other professional. CSC cannot guarantee the completeness or accuracy of the information in CSCFlash.