Corporations; limited liability decentralized autonomous organizations (LLDs).
Continued from last session
Summary
The bill lets anyone form an LLD by filing articles of formation with the State Corporation Commission, requiring a name with “LLD,” a legal representative in Virginia, and blockchain‑based bylaws. Participants hold governance tokens, enjoy limited liability, and must follow the LLD’s smart‑contract‑driven rules for voting, transfers, and dissolution. The act also sets reporting, record‑keeping, and tax treatment requirements, with most provisions taking effect on Jan. 1, 2027.
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