May 17, 2016

2015 Amendments to Kentucky Business Entity Statutes

Written By

As a further component to the efforts to ensure that Kentucky has the most up-to-date business entity statutes available in the country, the 2015 General Assembly passed, and Governor Beshear signed, a series of revisions and additions to those laws.  Essentially, these new statutes can be divided into three divisions.  Initially, there are a series of miscellaneous changes across the range of business statutes, which revisions are generally intended to provide additional clarity as to applicable rules.  Second, there are adopted a series of additions and revisions to the Nonprofit Corporation Acts, revisions which generally speaking bring the law of nonprofit corporations more into line with that of business corporations.  3rd, there has been adopted the Kentucky Unincorporated Nonprofit Association Act, an entirely new organizational form which will provide certainty for arrangements that previously have had no statutory basis.  After a review of the legislative history of this Act and technical revisions addressing the workings of the office of the Secretary of State, these statutes will be reviewed in the order just set forth.