Bill > HB1447

This bill amends Virginia law to prohibit corporations, limited liability companies, business trusts, limited partnerships, registered limited liability partnerships, and unincorporated associations from engaging in "election activity" (supporting or opposing candidates, political parties, or political committees) or "ballot-issue activity" (supporting or opposing ballot questions like initiatives or referendums). The bill defines these terms and clarifies that any attempt by these entities to engage in such activities is void and considered "ultra vires," meaning beyond their legal powers. Furthermore, entities that engage in these prohibited activities will forfeit their "charter privileges," which are benefits granted by the Commonwealth, such as limited liability and perpetual existence. The bill also specifies that foreign entities engaging in these activities in Virginia will be considered to be transacting business in the Commonwealth for legal purposes. Importantly, this prohibition does not apply to the Commonwealth itself or its governmental entities, and it does not invalidate existing contracts or obligations entered into before the bill's effective date, though it does prohibit such activities from occurring after that date.

Business and Industry

https://lis.virginia.gov/bill-details/20261/HB1447