Bill > SB0306

This bill amends multiple sections of Tennessee law to expand the circumstances under which various types of business entities (including cooperatives, corporations, limited liability companies, limited partnerships, and foreign variants of these entities) can be administratively dissolved by the secretary of state. The bill introduces two new grounds for administrative dissolution: first, if an entity files a document with the secretary of state that contains materially false information and was knowingly signed by an organizer, director, officer, member, agent, or representative; and second, if the entity is owned or controlled by a foreign government or foreign non-government person that has been determined to be a "foreign adversary" by the United States secretary of commerce, as specified in federal regulations. The bill specifically excludes entities involved in transactions approved by the Committee on Foreign Investment in the United States from these dissolution provisions. These changes apply across various Tennessee business entity statutes and are designed to provide additional mechanisms for the state to take administrative action against entities that submit false documentation or have potentially problematic foreign ownership or control. The bill takes effect immediately upon becoming law, reflecting the state legislature's view that these changes are in the public interest.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0306&ga=114