ALL BLOG POSTINGS ARE INFORMATIONAL ONLY – NOT TO BE CONSTRUED AS “LEGAL ADVICE”

THERE HAVE BEEN CHANGES IN THE LAW REGARDING THE DISSOLUTION OF AN LLC BY AFFIDAVIT.

In addition to all other methods of dissolution, if a limited liability company is no longer doing business, and owes no debts, and owns no immovable property, it may be dissolved by filing an affidavit with the secretary of state executed by the members or by the organizer, if no membership interests have been issued, attesting to such facts and requesting that the limited liability company be dissolved. Thereafter, the members or the organizer if no membership interests have been issued, shall be personally liable for any debts or other claims against the limited liability company in proportion to their ownership interest in the company. It's a good thing for notaries to know. Dan D. Schan

**Legislative Alert** - CALL TO ACTION - Contact Senate Judiciary A to express SUPPORT for HCR 31**p

To view the item, navigate to https://lna.org/iCore/Communities/TopicDefault.aspx?iUniformKey=2f1a1523-c548-4e8d-8d07-0f2f71637676 Update Posted to Louisiana Notary Association's Legislative News Page The Senate Judiciary A Committee has placed HCR 31 on the agenda for tomorrow morning at 9:30am. This resolution requests the Louisiana State Law Institute to generate model legislation providing for electronic notarial acts in Louisiana. The Louisiana Notary Association supports this resolution and is calling for ALL LNA Members to contact members of the Committee to request their support. Committee member contact information is below: Senator Rick Ward, III (Chairman) 3741 Highway 1 Port Al

Charles Marsala Explains the Basics of Dynasty Trusts #1-331511

A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to great family wealth with each transfer to subsequent generations. By holding assets in the trust and making well-defined distributions to each generation, the entire wealth of the trust is not subject to estate taxes with the passage of each generation. Dynasty trusts in the United States are the combined result of the imposition of the generation-skipping transfer tax upon trusts that attempted to bypass transferring all assets to children, and the repeal of the rule against perpetuities by states attempting to attract the great wealth of such trusts. The biggest advantage of a dynasty trust is that it c

HAVE YOU HEARD ABOUT PROTECTIONS FOR THE AGED AND VULNERABLE WHO GIVE A DURABLE MANDATE?

As notaries, we realize our actions have consequences. We can't help but be nervous when a person comes into our office to sign a durable mandate, and the agent is a person who makes us wonder if they have the principal's best interest at heart, or perhaps just their own. That's creepy, and worrisome. Our legislators have received numerous complaints in this area by constituents who want protection for the aged and vulnerable who find themselves in this very situation. Voilla: Section 3851 of Title 9 of the Louisiana Revised Statues is new and provides as follows: When a principal is a natural person for whom a curator with appropriate authority has not qualified, any of the following person

Do the heirs of an LLC member have the right to continue the operation of it, and exercise all of th

The Amendment of La. R.S. 12:1333 Section 1333 of Title 12 of the Revised Statutes addresses the death or incapacity of a natural person who is a member of a limited liability company. Section 1333 also addresses the dissolution or termination of a corporation, trust or other entity that is a member of a limited liability company. Under Subsection (A) of Section 1333, a membership interest in a limited liability company is generally NOT HERITABLE. Rather, upon the death of a member, the member’s membership ceases and the representative of the deceased member’s succession is treated as an assignee of the member’s interest in the company. An assignee does not have the rights of a member. _For

**Legislative Update** - HB 572, HCR 31 placed on House Civil Law Committee Agenda*

Senate Bill 358 by Senator Luneau would provide for electronic notaries public and electronic notary acts. The LNA legislative team believes this legislation fails to create an e-notary framework that protects the public and is not consistent with our civil law tradition. The Chairman of the House Committee on Civil Law & Procedure-Representative Raymond Garofalo, Jr.-has placed HCR31 on the Committee's agenda for this Monday (April 9th) at 1pm. This Resolution instructs the Louisiana State Law Institute to prepare proposed legislation regarding electronic notary law in Louisiana. The Louisiana Notary Association's (LNA's) legislative team supports the proposed resolution and its goal of p

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