Senate Bill 5040 makes revisions and clarifying changes to the uniform business organizations code.
The Office of Secretary of State’s Corporations Division worked with the Washington State Bar Association on crafting language for the bill, which provides a technical clean-up for a new law passed in 2016.
“The uniform business organizations code was adopted last year with the goal of making the organization and maintenance of a business easier,” said Corporations Division Director Tsering Cornell. “It moved many of the requirements for maintaining a business into one title and tried to provide consistency for the various business entities. This bill clarifies some aspects of the law and picks up some things that were inadvertently missed.”
Prime-sponsored by Sen. Jamie Pedersen (D-Seattle), the bill received nearly unanimous approval by the Legislature, as it was passed 48-1 by the Senate and 97-0 by the House.