Changes the term "assumed name" to "trade name" and centralizes the filing, administration and regulation process of trade names to the secretary of state and requires an annual renewal of the trade name.
Impact
With the passage of HB 7424, the existing framework for business name registration will see significant changes. The bill seeks to unify the process by consolidating records and requiring annual renewals of trade name registrations. Additionally, it will enable businesses to renew their trade names concurrently with their business licenses, thereby reducing administrative burdens. By establishing a centralized database for trade name records to be managed by the Secretary of State, the bill aims to enhance transparency and accessibility of business information.
Summary
House Bill 7424 aims to amend existing regulations concerning the filing of assumed business names by replacing the term 'assumed name' with 'trade name.' This legislation centralizes the administration and regulation of trade names under the authority of the Secretary of State. It mandates that all businesses conducting operations under a trade name must file for a trade name certificate. This shift is intended to streamline the filing process, ensuring that businesses are compliant with local and state regulations regarding the names they operate under.
Sentiment
The sentiment surrounding HB 7424 has been largely positive among business advocates, who view the bill as a beneficial reform that could simplify regulatory compliance for entrepreneurs. The move towards a centralized system is embraced as a modernization of the legislative framework governing business operations in the state. In contrast, some concerns have been raised about the potential for increased bureaucracy and the implications for small business operators in terms of ongoing compliance costs associated with annual renewals.
Contention
Despite its overall support, there are notable points of contention regarding the implementation of HB 7424. Critics argue that the requirement for annual renewal could pose a financial burden, particularly on smaller businesses or those operating under tighter profit margins. Furthermore, opponents worry about the potential complications that may arise during the transition to a new central database, including issues with record integrity and access problems for local municipalities. These concerns highlight the delicate balance lawmakers must navigate between regulatory efficiency and the needs of local businesses.
Joint Resolution To Approve, Publish And Submit To The Electors A Proposition Of Amendment To The Constitution Of The State -- Four Year Terms And Term Limits For Representatives And Senators (proposes An Amendment To The State Constitution, Article Iv, To Allow For Term Limits For The General Assembly Members.)
Authorizing The Town Of Lincoln To Issue Not To Exceed $14,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Development And Construction Of A New Town-wide Centralized Rescue Station And The Furnishing And Equipping Thereof And All Costs Related Thereto
Authorizing The Town Of Lincoln To Issue Not To Exceed $14,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Development And Construction Of A New Town-wide Centralized Rescue Station And The Furnishing And Equipping Thereof And All Costs Related Thereto
Joint Resolution To Approve And Publish And Submit To The Electors A Proposition Of Amendment To The Constitution Of The State-of Elections And Campaign Finance (proposes A Constitutional Amendment Authorizing Four (4) Year Terms For Members Of The General Assembly, Elected Members From Even Numbered Districts Would Begin To Be Elected To Four (4) Year Terms.)