LOU LEG Business Legal Personalities

On May 28, LOU LEG bill on legal personalities of affiliated entities.

  • LOU LEG reported passage of bill SB 10, an act to provide for the recognition of separate legal personalities among affiliated corporations and other business entities.
  • Measure enacts LOU LEG 12:1705, Business organizations; juridical personalities.
  • Bill Provisions
  • Provided that separate juridical personality of business organization shall not be disregarded as between one business organization, another except on certain grounds.
  • Except on grounds that would justify disregarding the separate personality of a business organization as between the business organization and a natural person.
  • Further, provided that the separate juridical personality of a business organization may not be disregarded merely because one or more of the described circumstances exist.
  • Defined business organization, and set applicability, exceptions when it does apply.
  • Legislative History
  • On Mar. 11, 2024, bill was introduced in Senate; on Mar. 26, 2024, bill passed Senate.
  • On Mar. 26, 2024, bill was introduced in House; on May 22, 2024, bill passed House.
  • On May 23, 2024, bill was enrolled; on May 28, 2024, bill was sent to the governor.
  • Effectiveness
  • If enacted, bill effective Aug. 1, 2024.
  • May 28, 2024 LOU LEG Governor Approval
  • On May 28, 2024, LOU LEG governor approved bill SB 10 and assigned Act 277.

Regulators LOU LEG
Entity Types Corp
Reference Act 277, 5/28/2024; Bill SB10, 5/28/2024; Citation: LOU LEG 12;
Functions Compliance; Financial; Legal; Registration/Licensing
Countries United States of America
Products Corporate
Regions Am
Rule Type Final
Rule Date 5/28/2024
Effective Date 8/1/2024
Rule Id 213617
Linked to N/A
Reg. Last Update 5/28/2024
Report Section US Consumer

Last substantive update on 06/04/2024