Maryland 2023 Regular Session

Maryland House Bill HB999

Introduced
2/10/23  
Refer
2/10/23  
Report Pass
3/16/23  
Engrossed
3/18/23  
Refer
3/20/23  
Report Pass
4/10/23  
Enrolled
4/10/23  
Chaptered
5/8/23  

Caption

Corporations - Filing Requirements for Dissolution and Termination of Registration or Qualification - Repeal

Impact

The impact of HB999 on state laws is significant, as it modifies existing regulations governing the dissolution of corporations. By removing the requirement for filing personal property reports, the bill allows corporations to dissolve their registration or qualification more easily, thus reducing administrative burdens on businesses. This change is expected to benefit business owners who may have found the previous requirements cumbersome and may ultimately foster an environment more conducive to entrepreneurship and economic activity in Maryland.

Summary

House Bill 999 aims to streamline the process for corporations wishing to dissolve or terminate their registration/ qualification in the state of Maryland. The bill repeals certain provisions that previously required corporations to file specific reports on personal property before their articles of dissolution could be accepted. This change is intended to simplify the legal and bureaucratic processes involved in corporate dissolution and to encourage more efficient business practices in the state.

Sentiment

The sentiment surrounding HB999 appears to be positive, particularly among business owners and industry stakeholders who support the easing of bureaucratic hurdles. Proponents argue that this bill can lead to increased efficiency and responsiveness in the corporate sector. However, some may express concerns about oversight and the potential for misuse when regulations are relaxed, although these sentiments did not seem to dominate the discussions around this bill.

Contention

While the discussions surrounding HB999 seem to have been largely supportive, there is some contention regarding corporate responsibility and accountability. Critics of removing the requirement for personal property reports may argue that this could enable corporations to dissolve without addressing outstanding liabilities or obligations. Nevertheless, the overall perspective highlights a move towards simplifying corporate dissolution laws to better support businesses operating in the state.

Companion Bills

No companion bills found.

Previously Filed As

MD HB620

Corporations and Associations - Annual Report Filings - Repeal of Fees

MD HB06586

An Act Eliminating The Filing Fees Associated With The Termination Or Dissolution Of Certain Business Entities.

MD HB1477

Corporations; filing and meeting requirements.

MD SB986

Corporations; filing and meeting requirements.

MD HB609

Nonprofit corporations; authorize administrative dissolution for failure to file annual report and exempt churches from reporting requirement.

MD HB2751

Modernize the process for dissolution of municipal corporations in this State

MD AB2503

Corporations: limited liability companies: dissolution: cancellation: abatement of taxes.

MD HB230

Domestic and Foreign Corporations; annual report requirement removed

MD SB204

Domestic and Foreign Corporations; annual report requirement removed

MD AB1535

Corporations: dissolutions: separate shareholder agreements.

Similar Bills

No similar bills found.