Bill > H3917

This bill establishes a new type of limited liability company called a blockchain-based limited liability company (BBLLC) in Massachusetts. A BBLLC must utilize blockchain technology for a material portion of its business activities. The bill outlines key requirements for a BBLLC, including provisions that must be included in its operating agreement, such as a description of the BBLLC's mission, the extent of decentralization and public/private access to its blockchain-based ledger or database, voting procedures, security protocols, and the rights and obligations of various participants. The bill grants BBLLCs the same powers, privileges, duties, and obligations as other limited liability companies organized under Massachusetts law, except where the BBLLC-specific provisions conflict.

Business and Industry

https://malegislature.gov/Bills/193/H3917