Anybody Speak Legal-Ese?

Lounge By Annabakescakes Updated 21 Mar 2012 , 5:25am by Annabakescakes

Annabakescakes Posted 21 Mar 2012 , 3:18am
post #1 of 5

Specifically, what this means? It is new and I need to know if I should protest icon_rolleyes.gif

HB 341 (BR 1066) - T. Kerr, J. Crenshaw, J. Tilley

AN ACT relating to business organizations.
Create KRS Chapter 386A and establish within it the Kentucky Uniform Statutory Trust Act to codify provisions for the use of the business trust as an allowable form of business organization in the Commonwealth, with various sections addressing definitions, general provisions, formation, certificates of trust and other filings, legal process, governing law, authority, duration, powers, series trusts, trustees and trust management, beneficiaries and beneficial rights, conversion and merger, dissolution and winding up, foreign statutory trusts, and other transitional and miscellaneous provisions; amend various other business entity statutes to enable an LLC to convert directly into an LLP; require a foreign business entity to be qualified to do business in Kentucky before receiving a state contract; provide express statutory direction that any director, officer, manager, etc., of a Kentucky business entity is subject to the jurisdiction of Kentucky courts; provide express statutory direction that a business may properly enter into agreements to settle creditor claims in the course of its dissolution; prevent the inadvertent loss of limited liability after the dissolution of partnership having limited liability attributes; provide that a corporation or LLCs sole shareholder or member status is insufficient standing alone to pierce the veil of the entity; provide uniformity for judicial dissolution procedures across various forms of business entities; codify the common law rule that fairness is not a defense to expropriating a partnership or LLC asset; amend various other sections to conform. icon_rolleyes.gif

4 replies
leah_s Posted 21 Mar 2012 , 3:59am
post #2 of 5

I understood most of that. Seems reasonable. What parts concern you?

Annabakescakes Posted 21 Mar 2012 , 4:12am
post #3 of 5

None of it concerns me, my mom sent it, and I don't know if i should be concerned or not... My ADHD won't let me focus and it is just going to my eyes and not my brain. Like in high school and college when it was too quiet and my mind would wander, I'd read it but not remember a word of it, and realize I had just scanned it with my eyes and have to go back 5 pages and start over after I smoked a little pot... I quit pot, so I can't comprehend, but I hate pharmaceuticals.

jason_kraft Posted 21 Mar 2012 , 4:47am
post #4 of 5

Doesn't sound like anything to protest, if anything it slightly improves protection for LLC owners.

Here is a rudimentary analysis and the email address of the director of communications for the KY Sec of State if you have questions.
http://migration.kentucky.gov/newsroom/sos/sos022812a.htm

Annabakescakes Posted 21 Mar 2012 , 5:25am
post #5 of 5
Quote:
Originally Posted by jason_kraft

Doesn't sound like anything to protest, if anything it slightly improves protection for LLC owners.

Here is a rudimentary analysis and the email address of the director of communications for the KY Sec of State if you have questions.
http://migration.kentucky.gov/newsroom/sos/sos022812a.htm




Thank you, Jason. That is actually the article my mom sent me, but there wasn't a whole lot of information in it. I saw it passed unanimously, so I figured it wasn't in the interest of the People, but rather the government.

My mom sent it and actually wrote, "This may concern you." So, of course I needed to be concerned icon_rolleyes.gif

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