Officials stated that last year approximately 2925 voluntary dissolutions were filed with the Secretary of State. Officials assume some but not all of these dissolving companies would publish notice to bar unknown claims. Officials assume that each year cost would decrease. No direct fiscal impact to small businesses would be expected as a result of this proposal. The requirement to provide local notice is deleted.
Current law limits existence to a number of years.
Adds notice of winding up and publishing requirements for LLP's which is similar to that for LLCs. The requirement to provide local notice is deleted. This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.