Idaho's Corporate Code: Limited Liability Code and Non-Profit Corporations code Repealed!

Idaho Corporate Code repealed

OH NO… NOT AGAIN?!

Yes, it is true, I am back at blogging again after a two month hiatus (big word for being away.)

More importantly for you is to know that Idaho repealed its General Business Corporate Code, its Limited Liability Code and its Non-Profit Corporations Code!

Really? Technically, yes, technically no.

Actually, effective July 1, 2015, the Idaho Legislature “repealed” the existing statutes and moved them to new numbered sections.  WHY?

You don’t need to know, and you for sure do not want to know why.

OKAY, hated Lawyer, then so what?  Why do I care? (Darn, that old relevance question again.)

You want to know so that you can know whether your corporate/business lawyer is keeping up with the times.

As an example, should your lawyer refer to Idaho Code §30-1-842 about your Standards of Conduct as a corporate officer; you should be concerned because Idaho Code §30-1-842 has been repealed and replaced with Idaho Code §30-29-842.

As another example, should your lawyer (or even accountant) refer to Idaho Code §30-6-407 regarding your management of your limited liability, you may want to remind him/her that this statute is repealed (effective July 1, 2017) and the correct statute is Code §30-25-407.

Yet, before you blame your financial and legal professionals too much, we must remember that the legislature has made so many changes and additions to the corporate and other business related codes in the last 20+ years, it makes all of our heads swim, even lawyers.

Yes, even for us lawyers, keeping up with the changes can be exhausting, but as business related folk, we have no choice.

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