DC Enacts Major Revisions to Laws Regarding Corporations and Non-Profits
Are you a business or non-profit organization organized in the District of Columbia? D.C. has enacted a major and comprehensive revision of all of its laws regarding business corporations, limited liability companies (LLC’s), non-profit corporations and other business entities. These changes took effect January 1, 2012. The changes are effective immediately, with the exception of the changes regarding LLC’s, for which there is a one year transition period. Especially for D.C. business corporations, it will be important to review and revise your organizational documents The new law gives greater powers to a corporation’s director,s as opposed to shareholders, and requires that certain provisions—like those regarding indemnification or limitation of director liability—now be referenced in the Certificate of Organization. The changes also significantly impact other forms of business entities like DC nonprofit corporations and LLCs. For more information about how this may affect your company, contact Ray Sherbill at (301) 347-1275 or email@example.com.