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First Substitute H.B. 114

Senator L. Alma Mansell proposes to substitute the following bill:


             1     
BUSINESS ENTITY AMENDMENTS

             2     
2000 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: Afton B. Bradshaw

             5      AN ACT RELATING TO CORPORATIONS AND PARTNERSHIPS; ADDRESSING NAMES
             6      OF BUSINESS ENTITIES; REPLACING A SUSPENSION PROCESS WITH A
             7      DELINQUENCY PROCESS FOR CERTAIN BUSINESS ENTITIES; ADDRESSING USE OF
             8      THE TERM SERVE; ADDRESSING DISSOLUTION AND REINSTATEMENT PROCESSES;
             9      AMENDING REPORTING REQUIREMENTS OF CERTAIN BUSINESS ENTITIES; AND
             10      MAKING TECHNICAL CHANGES.
             11      This act affects sections of Utah Code Annotated 1953 as follows:
             12      AMENDS:
             13          16-6-97, as last amended by Chapter 66, Laws of Utah 1987
             14          16-6-99, as last amended by Chapter 28, Laws of Utah 1995
             15          16-10a-401, as last amended by Chapter 38, Laws of Utah 1999
             16          16-10a-1421, as last amended by Chapter 220, Laws of Utah 1999
             17          16-10a-1422, as last amended by Chapter 220, Laws of Utah 1999
             18          16-10a-1423, as last amended by Chapter 220, Laws of Utah 1999
             19          16-10a-1531, as last amended by Chapter 220, Laws of Utah 1999
             20          16-10a-1532, as enacted by Chapter 277, Laws of Utah 1992
             21          42-2-6.6, as last amended by Chapter 86, Laws of Utah 1998
             22          48-2a-102, as last amended by Chapter 38, Laws of Utah 1999
             23          48-2a-202, as last amended by Chapter 189, Laws of Utah 1991
             24          48-2a-203.5, as last amended by Chapter 189, Laws of Utah 1991
             25          48-2a-210, as last amended by Chapter 41, Laws of Utah 1996


             26          48-2b-106, as last amended by Chapter 38, Laws of Utah 1999
             27          48-2b-120, as last amended by Chapter 54, Laws of Utah 1998
             28          48-2b-121, as last amended by Chapters 54 and 56, Laws of Utah 1998
             29          48-2b-142, as last amended by Chapter 28, Laws of Utah 1995
             30      ENACTS:
             31          16-11-16, Utah Code Annotated 1953
             32      REPEALS:
             33          16-6-99.1, as last amended by Chapter 313, Laws of Utah 1994
             34      Be it enacted by the Legislature of the state of Utah:
             35          Section 1. Section 16-6-97 is amended to read:
             36           16-6-97. Annual report of domestic and foreign nonprofit corporations -- Contents.
             37          (1) Each domestic nonprofit corporation and each foreign nonprofit corporation authorized
             38      to transact business in this state shall file, within the time prescribed by this chapter, an annual
             39      report setting forth:
             40          (a) the name of the corporation [and];
             41          (b) the state or country under whose laws it is incorporated;
             42          [(b)] (c) the address of its registered office in this state[,];
             43          (d) the name of its registered agent in this state at [that] the address[, and,] specified in
             44      Subsection (1)(c);
             45          (e) in the case of a foreign corporation, the address of its principal office or other mailing
             46      address in the state or country under whose laws it is incorporated; and
             47          [(c)] (f) the names and respective addresses, including street and number, of the members
             48      of the governing board and the officers of the corporation.
             49          (2) (a) The annual report required by Subsection (1) shall be on forms prescribed and
             50      furnished by the [Division of Corporations and Commercial Code] division.
             51          (b) The information given in the annual report shall be current as of the date of the
             52      execution of the report.
             53          (c) The annual report forms shall include a statement of notice to the corporation that
             54      failure to file the annual report will result in the [suspension] delinquency of its corporate charter.
             55          (d) The annual report shall be signed under penalty of perjury by:
             56          (i) (A) any authorized officer of the corporation; or[,]


             57          (B) if the corporation is in the hands of a receiver or trustee, [it shall be signed on behalf
             58      of the corporation under penalty of perjury] by the receiver or trustee[. If] on behalf of the
             59      corporation; and
             60          (ii) the registered agent, if the registered agent has changed since the last annual report or
             61      other appointment of a registered agent[, the annual report shall also be signed by the registered
             62      agent].
             63          Section 2. Section 16-6-99 is amended to read:
             64           16-6-99. Delinquency -- Dissolution and reinstatement.
             65          (1) A domestic corporation is considered delinquent if:
             66          (a) it does not file an annual report within the time prescribed by this chapter;
             67          (b) it fails to maintain a registered agent in this state for 60 consecutive days; or
             68          (c) it fails to file a statement noting any change of its registered office or registered agent
             69      within 60 days after the change.
             70          (2) (a) The division [of Corporations and Commercial Code] shall mail a notice of
             71      delinquency to [each delinquent corporation, unless the corporation's certificate of incorporation
             72      is already suspended for any reason.]:
             73          (i) the registered agent of the corporation; or
             74          (ii) if there is no registered agent of record, at least one officer of the corporation.
             75          (b) The notice of delinquency required by Subsection (2)(a) shall state:
             76          (i) the nature of the delinquency; and [shall state]
             77          (ii) that the corporation shall be [suspended,] dissolved unless within 60 days of the
             78      mailing of the notice of delinquency it corrects the delinquency [and pays a notification fee within
             79      30 days of the mailing of the notice of delinquency. The notice shall further state that a suspended
             80      corporation may be reinstated only after payment of a reinstatement fee].
             81          [(3) A] (c) The division shall:
             82          (i) mail a notice of delinquency [shall be mailed first-class, postage prepaid. The Division
             83      of Corporations and Commercial Code shall] required by Subsection (2)(a) in accordance with this
             84      section; and
             85          (ii) include with the notice of delinquency any forms necessary to correct the delinquency.
             86      [The division shall assess the corporation a delinquency notification fee as determined under
             87      Section 63-38-3.2 .]


             88          (3) (a) If the corporation does not remove the delinquency within 60 days from the date
             89      the division mails the notice of delinquency, the corporation is dissolved effective on the date of
             90      dissolution specified in Subsection (3)(c).
             91          (b) If the corporation is dissolved under Subsection (3)(a), the division shall mail a
             92      certificate of dissolution to the:
             93          (i) registered agent of the corporation; or
             94          (ii) if there is no registered agent of record, at least one officer of the corporation.
             95          (c) A corporation's date of dissolution is five days after the date the division mails the
             96      certificate of dissolution.
             97          (d) A dissolved corporation may not be reinstated under this chapter, except as provided
             98      in Subsection (5).
             99          (e) Except as provided in Subsection (4)(b), if a corporation is dissolved, the corporation
             100      may not do business in its corporate character under:
             101          (i) any name; or
             102          (ii) assumed name filed on behalf of the corporation under Section 42-2-5 .
             103          (f) On the date of dissolution, any assumed names filed on behalf of the dissolved
             104      corporation under Title 42, Chapter 2, Conducting Business Under an Assumed Name, are
             105      canceled.
             106          (g) Notwithstanding Subsection (3)(f), the name of a corporation that is dissolved and any
             107      assumed name filed on its behalf are not available for two years from the date of dissolution for
             108      use by any other person:
             109          (i) transacting business in this state; or
             110          (ii) doing business under an assumed name under Title 42, Chapter 2, Conducting
             111      Business Under an Assumed Name.
             112          (h) Notwithstanding Subsection (3)(f), if the corporation that is dissolved is reinstated in
             113      accordance with this section, the registration of the name of the corporation and any assumed
             114      names filed on its behalf are reinstated back to the date of dissolution.
             115          (4) (a) Except as provided in Subsection (4)(b), a corporation dissolved under this section
             116      continues its corporate existence but may not carry on any business except the business necessary
             117      to wind up and liquidate its business and affairs.
             118          (b) If the corporation is reinstated in accordance with this section, business conducted by


             119      the corporation during a period of administrative dissolution is unaffected by the dissolution.
             120          (5) A corporation that is dissolved under this section or Section 16-6-62 may be reinstated
             121      if within two years from the date of dissolution the corporation:
             122          (a) files with the division:
             123          (i) an application for reinstatement; and
             124          (ii) a certificate from the State Tax Commission that all taxes owed by the corporation
             125      have been paid; and
             126          (b) pays all:
             127          (i) past-due taxes;
             128          (ii) penalties; and
             129          (iii) reinstatement fees.
             130          (6) If the division denies a corporation's application for reinstatement following a
             131      dissolution under this section, the division shall mail the corporation written notice:
             132          (a) setting forth the reasons for denying the application; and
             133          (b) stating that the corporation has the right to appeal the division's determination to the
             134      executive director of the Department of Commerce in accordance with Title 63, Chapter 46b,
             135      Administrative Procedures Act.
             136          (7) A notice or certificate mailed under this section shall be:
             137          (a) mailed first-class, postage prepaid; and
             138          (b) addressed to the most current mailing address appearing on the records of the division
             139      for:
             140          (i) the registered agent of the corporation, if the notice or certificate is required to be
             141      mailed to the registered agent; or
             142          (ii) the officer of the corporation that is sent the notice or certificate, if the notice or
             143      certificate is required to be mailed to an officer of the corporation.
             144          Section 3. Section 16-10a-401 is amended to read:
             145           16-10a-401. Corporate name.
             146          (1) The name of a corporation:
             147          (a) except for the name of a depository institution as defined in Section 7-1-103 , must
             148      contain:
             149          (i) the word:


             150          (A) "corporation";
             151          (B) "incorporated"; or
             152          (C) "company";
             153          (ii) the abbreviation:
             154          (A) "corp.";
             155          (B) "inc."; or
             156          (C) "co."; or
             157          (iii) words or abbreviations of like import to the words or abbreviations listed in
             158      Subsections (1)(a)(i) and (ii) in another language;
             159          (b) may not contain language stating or implying that the corporation is organized for a
             160      purpose other than that permitted by:
             161          (i) Section 16-10a-301 ; and
             162          (ii) the corporation's articles of incorporation;
             163          (c) without the written consent of the United States Olympic Committee, may not contain
             164      the words:
             165          (i) "Olympic";
             166          (ii) "Olympiad"; or
             167          (iii) "Citius Altius Fortius"; and
             168          (d) without the written consent of the State Board of Regents issued in accordance with
             169      Section 53B-5-114 , may not contain the words:
             170          (i) "university";
             171          (ii) "college"; or
             172          (iii) "institute."
             173          (2) Except as authorized by Subsections (3) and (4), the name of a corporation must be
             174      distinguishable, as defined in Subsection (5), upon the records of the division from:
             175          (a) the name of any domestic corporation incorporated in or foreign corporation authorized
             176      to transact business in this state;
             177          (b) the name of any domestic or foreign nonprofit corporation incorporated or authorized
             178      to transact business in this state;
             179          (c) the name of any domestic or foreign limited liability company formed or authorized
             180      to transact business in this state;


             181          (d) the name of any limited partnership formed or authorized to transact business in this
             182      state;
             183          (e) any name reserved or registered with the division for a corporation, limited liability
             184      company, or general or limited partnership, under the laws of this state; and
             185          (f) any business name, fictitious name, assumed name, trademark, or service mark
             186      registered by the division.
             187          (3) (a) A corporation may apply to the division for authorization to file its articles of
             188      incorporation under, or to register or reserve, a name that is not distinguishable upon its records
             189      from one or more of the names described in Subsection (2).
             190          (b) The division shall approve the application filed under Subsection (3)(a) if:
             191          (i) the other person whose name is not distinguishable from the name under which the
             192      applicant desires to file, or which the applicant desires to register or reserve:
             193          (A) consents to the filing, registration, or reservation in writing; and
             194          (B) submits an undertaking in a form satisfactory to the division to change its name to a
             195      name that is distinguishable from the name of the applicant; or
             196          (ii) the applicant delivers to the division a certified copy of the final judgment of a court
             197      of competent jurisdiction establishing the applicant's right to make the requested filing in this state
             198      under the name applied for.
             199          (4) A corporation may make a filing under the name, including the fictitious name, of
             200      another domestic or foreign corporation that is used or registered in this state if:
             201          (a) the other corporation is incorporated or authorized to transact business in this state; and
             202          (b) the filing corporation:
             203          (i) has merged with the other corporation; or
             204          (ii) has been formed by reorganization of the other corporation.
             205          (5) (a) A name is distinguishable from other names, trademarks, and service marks on the
             206      records of the division if it:
             207          (i) contains one or more different letters or numerals; or
             208          (ii) has a different sequence of letters or numerals from the other names on the division's
             209      records.
             210          (b) Differences which are not distinguishing are:
             211          (i) the words or abbreviations of the words:


             212          (A) "corporation";
             213          (B) "company";
             214          (C) "incorporated";
             215          (D) "limited partnership";
             216          (E) "L.P.";
             217          (F) "limited";
             218          (G) "ltd.";
             219          (H) "limited liability company";
             220          (I) "limited company";
             221          (J) "L.C."; or
             222          (K) "L.L.C.";
             223          (ii) the presence or absence of the words or symbols of the words "the," "and," or "a";
             224          (iii) differences in punctuation and special characters;
             225          (iv) differences in capitalization;
             226          (v) [for a corporation incorporated in or authorized to do business in this state on or after
             227      May 4, 1998,] differences between singular and plural forms of words for a corporation:
             228          (A) incorporated in or authorized to do business in this state on or after May 4, 1998; or
             229          (B) that changes its name on or after May 4, 1998; [or]
             230          (vi) differences in whether the letters or numbers immediately follow each other or are
             231      separated by one or more spaces if:
             232          (A) the sequence of letters or numbers is identical; and
             233          (B) the corporation:
             234          (I) is incorporated in or authorized to do business in this state on or after May 3, 1999[.];
             235      or
             236          (II) changes its name on or after May 3, 1999; or
             237          (vii) differences in abbreviations, for a corporation:
             238          (A) incorporated in or authorized to do business in this state on or after May 1, 2000; or
             239          (B) that changes its name on or after May 1, 2000.
             240          (c) The director of the division has the power and authority reasonably necessary to
             241      interpret and efficiently administer this section and to perform the duties imposed on the division
             242      by this section.


             243          (6) A name that implies that the corporation is an agency of this state or of any of its
             244      political subdivisions, if it is not actually such a legally established agency or subdivision, may not
             245      be approved for filing by the division.
             246          (7) (a) The requirements of Subsection (1)(d) do not apply to a corporation incorporated
             247      in or authorized to do business in this state on or before May 4, 1998, until December 31, 1998.
             248          (b) On or after January 1, 1999, any corporation incorporated in or authorized to do
             249      business in this state shall comply with the requirements of Subsection (1)(d).
             250          Section 4. Section 16-10a-1421 is amended to read:
             251           16-10a-1421. Procedure for and effect of administrative dissolution.
             252          (1) If the division determines that one or more grounds exist under Section 16-10a-1420
             253      for dissolving a corporation, it shall [serve] mail the corporation [in the manner provided in
             254      Section 16-10a-504 with] written notice of:
             255          (a) the division's determination that one or more grounds exist for dissolving; and
             256          (b) the grounds for dissolving the corporation.
             257          (2) (a) If the corporation does not correct each ground for dissolution, or demonstrate to
             258      the reasonable satisfaction of the division that each ground does not exist, within 60 days after
             259      [service of] mailing the notice [contemplated] provided by Subsection (1), the division [may] shall
             260      administratively dissolve the corporation.
             261          (b) [The] If a corporation is dissolved under Subsection (2)(a), the division shall [serve]
             262      mail written notice of the administrative dissolution [on] to the dissolved corporation [in the
             263      manner provided in Section 16-10a-504 ], stating the [effective] date of [the] dissolution specified
             264      in Subsection (2)(d).
             265          (c) The division shall [deliver] mail a copy of the notice of administrative dissolution to:
             266          (i) the last registered agent of the dissolved corporation[.]; or
             267          (ii) if there is no registered agent of record, at least one officer of the corporation.
             268          (d) A corporation's date of dissolution is five days after the date the division mails the
             269      written notice of dissolution under Subsection (2)(b).
             270          (e) On the date of dissolution, any assumed names filed on behalf of the dissolved
             271      corporation under Title 42, Chapter 2, Conducting Business Under an Assumed Name, are
             272      canceled.
             273          (f) Notwithstanding Subsection (2)(e), the name of the corporation that is dissolved and


             274      any assumed names filed on its behalf are not available for two years from the date of dissolution
             275      for use by any other person:
             276          (i) transacting business in this state; or
             277          (ii) doing business under an assumed name under Title 42, Chapter 2, Conducting
             278      Business Under an Assumed Name.
             279          (g) Notwithstanding Subsection (2)(e), if the corporation that is dissolved is reinstated in
             280      accordance with Section 16-10a-1422 , the registration of the name of the corporation and any
             281      assumed names filed on its behalf are reinstated back to the date of dissolution.
             282          (3) (a) [A] Except as provided in Subsection (3)(b), a corporation administratively
             283      dissolved under this section continues its corporate existence but may not carry on any business
             284      except:
             285          (i) the business necessary to wind up and liquidate its business and affairs under Section
             286      16-10a-1405 ; and
             287          (ii) to give notice to claimants in the manner provided in Sections 16-10a-1406 and
             288      16-10a-1407 .
             289          (b) If the corporation is reinstated in accordance with Section 16-10a-1422 , business
             290      conducted by the corporation during a period of administrative dissolution is unaffected by the
             291      dissolution.
             292          (4) The administrative dissolution of a corporation does not terminate the authority of its
             293      registered agent.
             294          (5) (a) Upon the administrative dissolution of a corporation, the division shall be an agent
             295      of the dissolved corporation for purposes of service of process.
             296          (b) Service of process on the division under this Subsection (5) is service on the dissolved
             297      corporation.
             298          (c) Upon receipt of process under this Subsection (5), the division shall deliver a copy of
             299      the process to the dissolved corporation at its principal office.
             300          (6) A notice mailed under this section shall be:
             301          (a) mailed first-class, postage prepaid; and
             302          (b) addressed to the most current mailing address appearing on the records of the division
             303      for:
             304          (i) the registered agent of the corporation, if the notice is required to be mailed to the


             305      registered agent; or
             306          (ii) the officer of the corporation that is mailed the notice, if the notice is required to be
             307      mailed to an officer of the corporation.
             308          Section 5. Section 16-10a-1422 is amended to read:
             309           16-10a-1422. Reinstatement following dissolution.
             310          (1) A corporation [administratively] dissolved under Section 16-10a-1403 or 16-10a-1421
             311      may apply to the division for reinstatement within two years after the effective date of dissolution
             312      by delivering to the division for filing an application for reinstatement that states:
             313          (a) the effective date of [its administrative] the corporation's dissolution [and its];
             314          (b) the corporation's corporate name as of [that] the effective date of dissolution;
             315          [(b)] (c) that the grounds for dissolution either did not exist or have been eliminated;
             316          [(c)] (d) the corporate name under which the corporation is being reinstated [and];
             317          (e) that the name stated in Subsection (1)(d) satisfies the requirements of Section
             318      16-10a-401 ;
             319          [(d)] (f) that all taxes, fees, or penalties imposed pursuant to this chapter, otherwise owed
             320      by the corporation to the State Tax Commission, or otherwise imposed by applicable laws of this
             321      state have been paid;
             322          [(e)] (g) the address of its registered office in this state [and];
             323          (h) the name of its registered agent at [that] the office stated in Subsection (1)(g); and
             324          [(f)] (i) any additional information the division determines to be necessary or appropriate.
             325          (2) The corporation shall include in or with the application for reinstatement:
             326          (a) the written consent to appointment by the designated registered agent[,]; and
             327          (b) a certificate from the State Tax Commission reciting that all taxes owed by the
             328      corporation have been paid.
             329          (3) If the division determines that the application for reinstatement contains the
             330      information required by Subsections (1) and (2) and that the information is correct, the division
             331      shall revoke the administrative dissolution. The division shall [serve] mail to the corporation in
             332      the manner provided in [Section 16-10a-504 with] Subsection 16-10a-1421 (6) written notice of:
             333          (a) the revocation; and
             334          (b) the effective date of the revocation.
             335          (4) When the reinstatement is effective, it relates back to the effective date of the


             336      administrative dissolution [and]. Upon reinstatement:
             337          (a) an act of the corporation during the period of dissolution is effective and enforceable
             338      as if the administrative dissolution had never occurred; and
             339          (b) the corporation may carry on its business, under the name stated pursuant to Subsection
             340      (1)[(c)](d), as if the administrative dissolution had never occurred.
             341          Section 6. Section 16-10a-1423 is amended to read:
             342           16-10a-1423. Appeal from denial of reinstatement.
             343          If the division denies a corporation's application for reinstatement under Section
             344      16-10a-1422 following administrative dissolution, the division shall [serve] mail to the corporation
             345      in the manner provided in [Section 16-10a-504 with] Subsection 16-10a-1421 (6) written notice:
             346          (1) setting forth the reasons for denying the application; and
             347          (2) stating that the corporation has the right to appeal the division's determination to the
             348      executive director of the Department of Commerce in accordance with Title 63, Chapter 46b,
             349      Administrative Procedures Act.
             350          Section 7. Section 16-10a-1531 is amended to read:
             351           16-10a-1531. Procedure for and effect of revocation.
             352          (1) If the division determines that one or more grounds exist under Section 16-10a-1530
             353      for revoking the authority of a foreign corporation to transact business in this state, the division
             354      shall [serve] mail to the foreign corporation [in the manner provided in Section 16-10a-1511 with]
             355      written notice of:
             356          (a) the division's determination that one or more grounds exist for revocation; and
             357          (b) the grounds for revocation.
             358          (2) (a) If the foreign corporation does not correct each ground for revocation or
             359      demonstrate to the reasonable satisfaction of the division that each ground determined by the
             360      division does not exist, within 60 days after [service of] mailing the notice under Subsection (1),
             361      the division [may] shall revoke the foreign corporation's authority to transact business in this state.
             362          (b) [The] If a foreign corporation's authority to transact business in this state is revoked
             363      under Subsection (2)(a), the division shall [serve on] mail to the foreign corporation [in the manner
             364      provided in Section 16-10a-1511 a] written notice of:
             365          (i) revocation; and
             366          (ii) the effective date of the revocation.


             367          (c) The division shall [deliver] mail a copy of the notice to:
             368          (i) the last registered agent of the foreign corporation[.]; or
             369          (ii) if there is no registered agent of record, at least one officer of the corporation.
             370          (3) The authority of a foreign corporation to transact business in this state ceases on the
             371      date shown on the division's certificate revoking the corporation's certificate of authority.
             372          (4) Revocation of a foreign corporation's authority to transact business in this state does
             373      not terminate the authority of the registered agent of the corporation.
             374          (5) (a) Upon the revocation of a foreign corporation's authority to transact business in this
             375      state, the division becomes an agent for the foreign corporation for service of process in any
             376      proceeding based on a cause of action [which] that arose during the time the foreign corporation:
             377          (i) transacted business in this state; or
             378          (ii) was authorized to transact business in this state.
             379          (b) Service of process on the division under this Subsection (5) is service on the foreign
             380      corporation.
             381          (c) Upon receipt of process under this Subsection (5), the division shall mail a copy of the
             382      process to the foreign corporation at its principal office.
             383          (6) A notice mailed under this section shall be:
             384          (a) mailed first-class, postage prepaid; and
             385          (b) addressed to the most current mailing address appearing on the records of the division
             386      for:
             387          (i) the registered agent of the foreign corporation, if the notice is required to be mailed to
             388      the registered agent; or
             389          (ii) the officer of the foreign corporation that is mailed the notice, if the notice is required
             390      to be mailed to an officer of the foreign corporation.
             391          Section 8. Section 16-10a-1532 is amended to read:
             392           16-10a-1532. Appeal from revocation.
             393          (1) A foreign corporation may appeal the division's revocation of its authority to transact
             394      business in this state to the district court of the county in this state where the last registered or
             395      principal office of the corporation was located or in Salt Lake County, within 30 days after [service
             396      of] the notice of revocation is [perfected] mailed under Section 16-10a-1531 . The foreign
             397      corporation appeals by petitioning the court to set aside the revocation and attaching to the petition


             398      copies of the corporation's application for authority to transact business, and any amended
             399      applications, each as filed with the division, and the division's notice of revocation.
             400          (2) The court may summarily order the division to reinstate the authority of the foreign
             401      corporation to transact business in this state or it may take any other action it considers appropriate.
             402          (3) The court's final decision may be appealed as in other civil proceedings.
             403          Section 9. Section 16-11-16 is enacted to read:
             404          16-11-16. Corporate name.
             405          (1) The name of each professional corporation as set forth in its articles of incorporation:
             406          (a) shall contain the terms:
             407          (i) "professional corporation"; or
             408          (ii) "P.C.";
             409          (b) may not contain the words:
             410          (i) "incorporated"; or
             411          (ii) "inc.";
             412          (c) may not contain language stating or implying that the professional corporation is
             413      organized for a purpose other than that permitted by:
             414          (i) Section 16-11-6 ; and
             415          (ii) the professional corporation's articles of incorporation;
             416          (d) without the written consent of the United States Olympic Committee, may not contain
             417      the words:
             418          (i) "Olympic";
             419          (ii) "Olympiad"; or
             420          (iii) "Citius Altius Fortius"; and
             421          (e) without the written consent of the State Board of Regents in accordance with Section
             422      53B-5-114 , may not contain the words:
             423          (i) "university";
             424          (ii) "college"; or
             425          (iii) "institute."
             426          (2) The professional corporation may not imply by any word in the name that it is an
             427      agency of the state or of any of its political subdivisions.
             428          (3) A person, other than a professional corporation formed or registered under this chapter,


             429      may not use in its name in this state any of the terms:
             430          (a) "professional corporation"; or
             431          (b) "P.C."
             432          (4) Except as authorized by Subsection (5), the name of the professional corporation must
             433      be distinguishable, as defined in Subsection (6), upon the records of the division from:
             434          (a) the name of any domestic corporation incorporated in or foreign corporation authorized
             435      to transact business in this state;
             436          (b) the name of any domestic or foreign nonprofit corporation incorporated or authorized
             437      to transact business in this state;
             438          (c) the name of any domestic or foreign limited liability company formed or authorized
             439      to transact business in this state;
             440          (d) the name of any limited partnership formed or authorized to transact business in this
             441      state;
             442          (e) any name reserved or registered with the division for a corporation, limited liability
             443      company, or general or limited partnership, under the laws of this state; and
             444          (f) any business name, fictitious name, assumed name, trademark, or service mark
             445      registered by the division.
             446          (5) (a) A professional corporation may apply to the division for authorization to file its
             447      articles of incorporation under, or to register or reserve, a name that is not distinguishable upon
             448      its records from one or more of the names described in Subsection (4).
             449          (b) The division shall approve the application filed under Subsection (5)(a) if:
             450          (i) the other person whose name is not distinguishable from the name under which the
             451      applicant desires to file, or which the applicant desires to register or reserve:
             452          (A) consents to the filing, registration, or reservation in writing; and
             453          (B) submits an undertaking in a form satisfactory to the division to change its name to a
             454      name that is distinguishable from the name of the applicant; or
             455          (ii) the applicant delivers to the division a certified copy of the final judgment of a court
             456      of competent jurisdiction establishing the applicant's right to make the requested filing in this state
             457      under the name applied for.
             458          (6) (a) A name is distinguishable from other names, trademarks, and service marks
             459      registered with the division if it:


             460          (i) contains one or more different letters or numerals from other names upon the division's
             461      records; or
             462          (ii) has a different sequence of letter or numerals from the other names on the division's
             463      records.
             464          (b) The following differences are not distinguishable:
             465          (i) the words or abbreviations of the words:
             466          (A) "corporation";
             467          (B) "incorporated";
             468          (C) "company";
             469          (D) "limited partnership";
             470          (E) "limited";
             471          (F) "L.P.";
             472          (G) "Ltd.";
             473          (H) "limited liability company";
             474          (I) "limited company";
             475          (J) "L.C."; or
             476          (K) "L.L.C.";
             477          (ii) the presence or absence of the words or symbols of the words "the," "and," "a," or
             478      "plus";
             479          (iii) differences in punctuation and special characters;
             480          (iv) differences in capitalization; or
             481          (v) differences in abbreviations.
             482          (7) The director of the division shall have the power and authority reasonably necessary
             483      to interpret and efficiently administer this section and to perform the duties imposed upon the
             484      division by this section.
             485          Section 10. Section 42-2-6.6 is amended to read:
             486           42-2-6.6. Assumed name.
             487          (1) The assumed name:
             488          (a) may not contain any word or phrase that indicates or implies that the business is
             489      organized for any purpose other than one or more of the purposes contained in its application;
             490          (b) shall be distinguishable from any registered name or trademark of record in the offices


             491      of the Division of Corporations and Commercial Code, as defined in Subsection 16-10a-401 (5),
             492      except as authorized by the Division of Corporations and Commercial Code pursuant to Subsection
             493      (2);
             494          (c) without the written consent of the United States Olympic Committee, may not contain
             495      the words:
             496          (i) "Olympic";
             497          (ii) "Olympiad"; or
             498          (iii) "Citius Altius Fortius"; [and]
             499          (d) without the written consent of the State Board of Regents issued in accordance with
             500      Section 53B-5-114 , may not contain the words:
             501          (i) "university";
             502          (ii) "college"; or
             503          (iii) "institute[.]"; and
             504          (e) an assumed name authorized for use in this state on or after May 1, 2000, may not
             505      contain the words:
             506          (i) "incorporated";
             507          (ii) "inc."; or
             508          (iii) a variation of "incorporated" or "inc."
             509          (2) Notwithstanding Subsection (1)(e), an assumed name may contain a word listed in
             510      Subsection (1)(e) if the Division of Corporations and Commercial Code authorizes the use of the
             511      name by a corporation as defined in:
             512          (a) Subsection 16-6-19 (4);
             513          (b) Subsection 16-6-19 (7);
             514          (c) Subsection 16-10a-102 (11); or
             515          (d) Subsection 16-10a-102 (19).
             516          [(2)] (3) The Division of Corporations and Commercial Code shall authorize the use of
             517      the name applied for if:
             518          (a) the name is distinguishable from one or more of the names and trademarks that are on
             519      the division's records; or
             520          (b) the applicant delivers to the division a certified copy of the final judgment of a court
             521      of competent jurisdiction establishing the applicant's right to use the name applied for in this state.


             522          [(3)] (4) The assumed name, for purposes of recordation, shall be either translated into
             523      English or transliterated into letters of the English alphabet if it is not in English.
             524          [(4)] (5) The Division of Corporations and Commercial Code may not approve an
             525      application for an assumed name to any person violating [the provisions of] this section.
             526          [(5)] (6) The director of the Division of Corporations and Commercial Code shall have the
             527      power and authority reasonably necessary to interpret and efficiently administer this section and
             528      to perform the duties imposed on the division by this section.
             529          [(6)] (7) A name that implies by any word in the name that it is an agency of the state or
             530      of any of its political subdivisions, if it is not actually such a legally established agency, may not
             531      be approved for filing by the Division of Corporations and Commercial Code.
             532          [(7)] (8) Section 16-10a-403 applies to this chapter.
             533          [(8)] (9) (a) The requirements of Subsection (1)(d) do not apply to a person who filed a
             534      certificate of assumed and of true name with the Division of Corporations and Commercial Code
             535      on or before May 4, 1998, until December 31, 1998.
             536          (b) On or after January 1, 1999, any person who carries on, conducts, or transacts business
             537      in this state under an assumed name shall comply with the requirements of Subsection (1)(d).
             538          Section 11. Section 48-2a-102 is amended to read:
             539           48-2a-102. Name.
             540          (1) The name of each limited partnership as set forth in its certificate of limited
             541      partnership:
             542          (a) shall contain the terms:
             543          (i) "limited partnership";
             544          (ii) "limited";
             545          (iii) "L.P."; or
             546          (iv) "Ltd.";
             547          (b) may not contain the name of a limited partner unless:
             548          (i) it is the name of a general partner;
             549          (ii) it is the corporate name of a corporate general partner; or
             550          (iii) the business of the limited partnership had been carried on under that name before the
             551      admission of that limited partner;
             552          (c) may not contain:


             553          (i) the words:
             554          (A) "association";
             555          (B) "corporation"; or
             556          (C) "incorporated";
             557          (ii) any abbreviation of a word listed in this Subsection (1)(c); or
             558          (iii) any word or abbreviation that is of like import to the words listed in Subsection
             559      (1)(c)(i) in any other language;
             560          (d) without the written consent of the United States Olympic Committee, may not contain
             561      the words:
             562          (i) "Olympic";
             563          (ii) "Olympiad"; or
             564          (iii) "Citius Altius Fortius"; and
             565          (e) without the written consent of the State Board of Regents issued in accordance with
             566      Section 53B-5-114 , may not contain the words:
             567          (i) "university";
             568          (ii) "college"; or
             569          (iii) "institute."
             570          (2)(a) A person or entity other than a limited partnership formed or registered under this
             571      title may not use in its name in this state any of the terms:
             572          (i) "limited";
             573          (ii) "limited partnership";
             574          (iii) "Ltd."; or
             575          (iv) "L.P."
             576          (b) Notwithstanding Subsection (2)(a):
             577          (i) a foreign corporation whose actual name includes the word "limited" or "Ltd." may use
             578      its actual name in this state if it also uses:
             579          (A) "corporation";
             580          (B) "incorporated"; or
             581          (C) any abbreviation of a word listed in this Subsection (2)(b)(i);
             582          (ii) a limited liability company may use in its name in this state the terms:
             583          (A) "limited";


             584          (B) "limited company";
             585          (C) "L.C.";
             586          (D) "L.L.C.";
             587          (E) "LC"; or
             588          (F) "LLC"; and
             589          (iii) a limited liability partnership may use the terms "limited liability partnership,"
             590      "L.L.P.," or "LLP" in the manner allowed in Section 48-1-45 .
             591          (3) Except as authorized by Subsection (4), the name of a limited partnership must be
             592      distinguishable as defined in Subsection (5) upon the records of the division from:
             593          (a) the name of any limited partnership formed or authorized to transact business in this
             594      state;
             595          (b) the corporate name of any corporation incorporated or authorized to transact business
             596      in this state;
             597          (c) any limited partnership name reserved under this chapter;
             598          (d) any corporate name reserved under Title 16, Chapter 10a, Utah Revised Business
             599      Corporation Act;
             600          (e) any fictitious name adopted by a foreign corporation or limited partnership authorized
             601      to transact business in this state because its real name is unavailable;
             602          (f) any corporate name of a not-for-profit corporation incorporated or authorized to
             603      transact business in this state; and
             604          (g) any assumed business name, trademark, or service mark registered by the division.
             605          (4) (a) A limited partnership may apply to the division for approval to file its certificate
             606      under, or to reserve, a name that is not distinguishable upon the division's records from one or
             607      more of the names described in Subsection (3).
             608          (b) The division shall approve of the name for which application is made under Subsection
             609      (4)(a) if:
             610          (i) the other person whose name is not distinguishable from the name under which the
             611      applicant desires to file:
             612          (A) consents to the filing in writing; and
             613          (B) submits an undertaking in a form satisfactory to the division to change its name to a
             614      name that is distinguishable from the name of the applicant; or


             615          (ii) the applicant delivers to the division a certified copy of the final judgment of a court
             616      of competent jurisdiction establishing the applicant's right to use in this state the name for which
             617      the application is made.
             618          (5) A name is distinguishable from other names, trademarks, and service marks registered
             619      with the division if it contains one or more different letters or numerals from other names upon the
             620      division's records.
             621          (6) The following differences are not distinguishing:
             622          (a) the terms:
             623          (i) "corporation";
             624          (ii) "incorporated";
             625          (iii) "company";
             626          (iv) "limited partnership";
             627          (v) "limited";
             628          (vi) "L.P."; or
             629          (vii) "Ltd.";
             630          (b) an abbreviation of a word listed in Subsection (6)(a);
             631          (c) the presence or absence of the words or symbols of the words "the," "and," "a," or
             632      "plus";
             633          (d) differences in punctuation and special characters;
             634          (e) differences in capitalization;
             635          (f) [for a limited partnership that is formed in or registered as a foreign limited partnership
             636      in this state on or after May 4, 1998,] differences between singular and plural forms of words for
             637      a limited partnership:
             638          (i) formed in or registered as a foreign limited partnership in this state on or after May 4,
             639      1998; or
             640          (ii) that changes its name on or after May 4, 1998; [or]
             641          (g) differences in whether the letters or numbers immediately follow each other or are
             642      separated by one or more spaces if:
             643          (i) the sequence of letters or numbers is identical; and
             644          (ii) the limited partnership:
             645          (A) is formed in or registered as a foreign limited partnership in this state on or after May


             646      3, 1999[.]; or
             647          (B) changes its name on or after May 3, 1999; or
             648          (h) differences in abbreviations, for a limited partnership:
             649          (i) formed in or registered as a foreign limited partnership in this state on or after May 1,
             650      2000; or
             651          (ii) that changes its name on or after May 1, 2000.
             652          (7) The director of the division shall have the power and authority reasonably necessary
             653      to interpret and efficiently administer this section and to perform the duties imposed upon the
             654      division by this section.
             655          (8) A name that implies that the limited partnership is an agency of this state or any of its
             656      political subdivisions, if it is not actually such a legally established agency or subdivision, may not
             657      be approved for filing by the division.
             658          (9) (a) The requirements of Subsection (1)(e) do not apply to a limited partnership that is
             659      formed in or registered as a foreign limited partnership in this state on or before May 4, 1998, until
             660      December 31, 1998.
             661          (b) On or after January 1, 1999, any limited partnership formed in or registered as a foreign
             662      limited partnership in this state shall comply with the requirements of Subsection (1)(e).
             663          Section 12. Section 48-2a-202 is amended to read:
             664           48-2a-202. Amendment to certificate.
             665          (1) A certificate of limited partnership is amended by filing a certificate of amendment
             666      with the division. The certificate of amendment shall set forth:
             667          (a) the name of the limited partnership;
             668          (b) the date of filing the certificate; and
             669          (c) the amendment to the certificate.
             670          (2) Within [30] 60 days after the happening of any of the following events, an amendment
             671      to a certificate of limited partnership reflecting the occurrence of the event or events shall be filed:
             672          [(a) the admission of a new general partner;]
             673          [(b) the withdrawal of a general partner;]
             674          [(c)] (a) the continuation of the business under Section 48-2a-801 after an event of
             675      withdrawal of a general partner;
             676          [(d)] (b) a change of the registered agent required to be maintained by Section 48-2a-104 ;


             677      or
             678          [(e)] (c) a change of the limited partnership's principal place of business where the records
             679      required to be maintained by Section 48-2a-105 are kept.
             680          (3) A general partner who knows or reasonably should know that any statement in a
             681      certificate of limited partnership or a certificate of amendment to a certificate of limited
             682      partnership was false at the time the certificate was executed [or that any arrangement or other fact
             683      described in the certificate have changed,] making the certificate inaccurate in any respect, shall
             684      promptly amend the certificate.
             685          (4) A certificate of limited partnership may be amended at any time for any other proper
             686      purpose the general partners determine.
             687          (5) [No] A person [has any liability] may not be held liable because an amendment to a
             688      certificate of limited partnership has not been filed to reflect the occurrence of any event referred
             689      to in Subsection (2) if the amendment is filed within the [30] 60 days specified in Subsection (2).
             690          (6) A restated certificate of limited partnership may be executed and filed in the same
             691      manner as a certificate of amendment.
             692          Section 13. Section 48-2a-203.5 is amended to read:
             693           48-2a-203.5. Involuntary dissolution of certificate.
             694          (1) A certificate of limited partnership may be canceled involuntarily by a decree of a
             695      district court having competent jurisdiction upon petition by the director of the division, or by a
             696      party in interest who shall have standing to bring such an action, when it is established that:
             697          (a) the limited partnership procured the issuance of a stamped copy of its certificate of
             698      limited partnership or the execution [thereof] of the certificate of limited partnership through fraud,
             699      in which case the certificate shall be canceled as of the date of its filing; or
             700          (b) the limited partnership has continually exceeded or abused the authority conferred upon
             701      it by law or by the partnership agreement.
             702          (2) A domestic limited partnership or a foreign limited partnership registered in this state
             703      is delinquent if:
             704          (a) it does not file an annual report within the time prescribed by this chapter; or
             705          (b) it fails to maintain a registered agent in this state for 60 consecutive days.
             706          (3) (a) The division shall mail a notice of delinquency of [each] a delinquent limited
             707      partnership to [the general partners of]:


             708          (i) the registered agent of the limited partnership [at the addresses set forth in the limited
             709      partnership's certificate, unless the limited partnership's certificate or registration is already
             710      suspended for any reason.]; or
             711          (ii) if there is no registered agent of record, at least one general partner of the limited
             712      partnership.
             713          (b) The notice of delinquency required under Subsection (3)(a) shall state:
             714          (i) the nature of the delinquency; and [shall state]
             715          (ii) that the limited partnership shall be [suspended,] dissolved unless within 60 days of
             716      the mailing of the notice of delinquency it corrects the delinquency [and pays a notification fee
             717      within 30 days of the mailing of the notice of delinquency. The notice shall further state that a
             718      suspended limited partnership may be reinstated only after payment of a reinstatement fee. A
             719      notice of delinquency shall be mailed first-class, postage prepaid].
             720          (c) The division shall include with the notice of delinquency any forms necessary to correct
             721      the delinquency. [The division shall assess the limited partnership a notification fee as determined
             722      under Section 48-2a-1107 .]
             723          [(4) A domestic limited partnership or a foreign limited partnership registered in this state
             724      that remains delinquent for more than 30 days after mailing of the notice of delinquency under this
             725      section shall be suspended. If a limited partnership is suspended under this section, the division
             726      shall mail a notice of suspension to the general partners of the limited partnership at the addresses
             727      set forth in the limited partnership's certificate, unless the limited partnership's certificate or
             728      registration is already suspended for any reason. A notice of suspension shall state:]
             729          [(a) that the certificate or registration has been suspended;]
             730          [(b) the reason for the suspension;]
             731          [(c) the date of the suspension;]
             732          [(d) that the limited partnership may remove the suspension by correcting the delinquency
             733      and paying a reinstatement fee determined by the division in accordance with Section 48-2a-1107
             734      in addition to any fees required by Subsection (3); and]
             735          [(e) that the limited partnership's certificate or registration will be canceled involuntarily
             736      one year after the date of mailing of the notice of suspension unless the limited partnership has
             737      removed the suspension before that time.]
             738          [(5) The division shall include an annual report form in the notice of suspension if the


             739      suspension is due to failure to file an annual report.]
             740          [(6)] (4) (a) If the limited partnership does not remove the [suspension] delinquency within
             741      [one year after] 60 days from the date [of mailing of] the division mails the notice of [suspension]
             742      delinquency, the limited partnership's certificate or registration [may] shall be [canceled] dissolved
             743      involuntarily by the director of the division effective on the date specified in Subsection (4)(c).
             744      [The]
             745          (b) If a limited partnership's certificate or registration is dissolved under Subsection (4)(a),
             746      the division shall mail a certificate of [cancellation] dissolution to:
             747          (i) the [general partners] registered agent of the limited partnership [at the addresses set
             748      forth in the limited partnership's certificate. No canceled]; or
             749          (ii) if there is no registered agent of record, at least one partner of the limited partnership.
             750          (c) A limited partnership's date of dissolution is five days from the date the division mailed
             751      the certificate of dissolution under Subsection (4)(b).
             752          (d) A dissolved limited partnership may not be reinstated except as set forth in Subsection
             753      [(7)] (5).
             754          (e) [Any] On the date of dissolution, any assumed names filed on behalf of the [canceled]
             755      dissolved limited partnership under [Section 42-2-5 ] Title 42, Chapter 2, Conducting Business
             756      Under an Assumed Name, [also] are canceled. [The]
             757          (f) Notwithstanding Subsection (4)(e), the name of a [canceled] dissolved limited
             758      partnership and any assumed names filed on its behalf are not available for [one year] two years
             759      from the date of [cancellation] dissolution for use by any other person:
             760          (i) transacting business in this state[,]; or [person]
             761          (ii) doing business under an assumed name under [Section 42-2-5 ] Title 42, Chapter 2,
             762      Conducting Business Under an Assumed Name.
             763          (g) Notwithstanding Subsection (4)(e), if the limited partnership that is dissolved is
             764      reinstated in accordance with this section, the registration of the name of the limited partnership
             765      and any assumed names filed on its behalf are reinstated back to the date of dissolution.
             766          [(7)] (5) Any limited partnership whose certificate or registration has been [canceled]
             767      dissolved under this section or Section 48-2a-203 may be reinstated within [one year] two years
             768      following [cancellation] the date of dissolution upon:
             769          (a) application; and


             770          (b) payment of:
             771          (i) all penalties; and
             772          (ii) all reinstatement fees.
             773          [(8)] (6) A limited partner of a limited partnership is not liable as a general partner of the
             774      limited partnership solely by reason of the limited partnership having had its limited partnership
             775      certificate or registration [suspended or canceled] dissolved.
             776          [(9)] (7) A limited partnership that has had its certificate or registration [suspended or
             777      canceled] dissolved may not maintain any action, suit, or proceeding in any court of this state until
             778      it has [removed the suspension or] reinstated its certificate or registration following [cancellation]
             779      dissolution.
             780          (8) If the division denies a limited partnership's application for reinstatement following
             781      a dissolution under this section, the division shall mail the limited partnership written notice:
             782          (a) setting forth the reasons for denying the application; and
             783          (b) stating that the limited partnership has the right to appeal the division's determination
             784      to the executive director of the Department of Commerce in accordance with Title 63, Chapter
             785      46b, Administrative Procedures Act.
             786          (9) A notice or certificate mailed under this section shall be:
             787          (a) mailed first-class, postage prepaid; and
             788          (b) addressed to the most current mailing address appearing on the records of the division
             789      for:
             790          (i) the registered agent of the limited partnership corporation, if the notice is required to
             791      be mailed to the registered agent; or
             792          (ii) the partner of the limited partnership that is mailed the notice, if the notice is required
             793      to be mailed to a partner of the limited partnership.
             794          Section 14. Section 48-2a-210 is amended to read:
             795           48-2a-210. Annual report.
             796          (1) (a) Each domestic limited partnership, and each foreign limited partnership authorized
             797      to transact business in this state, shall file an annual report with the division[,]:
             798          (i) during the month of its anniversary date of formation, in the case of domestic limited
             799      partnerships[,]; or
             800          (ii) during the month of the anniversary date of being granted authority to transact business


             801      in this state, in the case of foreign limited partnerships authorized to transact business in this state[,
             802      an].
             803          (b) The annual report [setting] required by Subsection (1)(a) shall set forth:
             804          [(a)] (i) the name of the limited partnership [and];
             805          (ii) the state or country under the laws of which it is formed;
             806          [(b)] (iii) the name and street address of the agent for service of process required to be
             807      maintained by Section 48-2a-104 ; [and]
             808          [(c)] (iv) any change of address of a general partner; and
             809          (v) a change in the persons constituting the general partners.
             810          (2) (a) The annual report required by Subsection (1) shall:
             811          (i) be made on forms prescribed and furnished by the division[,]; and [the information
             812      contained on the annual report shall be]
             813          (ii) contain information that is given as of the date of execution of the annual report.
             814          (b) The annual report forms shall include a statement of notice to the limited partnership
             815      that failure to file the annual report will result in the [suspension and eventual cancellation]
             816      dissolution of [its certificate of]:
             817          (i) the limited partnership, in the case of a domestic limited partnership[,]; or [of]
             818          (ii) its registration, in the case of a foreign limited partnership authorized to transact
             819      business in this state.
             820          (c) The annual report shall be signed [under penalty of perjury] by:
             821          (i) any general partner[. If] under penalty of perjury; and
             822          (ii) if the registered agent has changed since the last annual report or other appointment
             823      of a registered agent, [the annual report shall also be signed by] the new registered agent.
             824          (3) (a) If the division finds that the annual report required by Subsection (1) conforms to
             825      the requirements of this chapter, it shall file the annual report.
             826          (b) If the division finds that the annual report required by Subsection (1) does not conform
             827      to the requirements of this chapter, [it] the division shall mail the report first-class postage prepaid
             828      to the limited partnership at the addresses set forth in the certificate for any necessary corrections.
             829          (c) If [a] the division returns an annual report [is returned] in accordance with Subsection
             830      (3)(b), the penalties for failure to file the annual report within the time prescribed in Section
             831      48-2a-203.5 do not apply, as long as the report is corrected and returned to the division within 30


             832      days from the date the nonconforming report was mailed to the limited partnership.
             833          Section 15. Section 48-2b-106 is amended to read:
             834           48-2b-106. Name -- Exclusive right.
             835          (1) The name of each limited liability company as set forth in the articles of organization:
             836          (a) shall contain the terms:
             837          (i) "limited company";
             838          (ii) "limited liability company";
             839          (iii) "L.C."; or
             840          (iv) "L.L.C.";
             841          (b) may not contain:
             842          (i) the terms:
             843          (A) "association";
             844          (B) "corporation";
             845          (C) "incorporated";
             846          (D) "limited partnership";
             847          (E) "limited";
             848          (F) "L.P."; or
             849          (G) "Ltd."; or
             850          (ii) words or any abbreviation with a similar meaning to those described in Subsection
             851      (1)(b)(i) in any other language;
             852          (c) without the written consent of the United States Olympic Committee, may not contain
             853      the words:
             854          (i) "Olympic";
             855          (ii) "Olympiad"; or
             856          (iii) "Citius Altius Fortius"; and
             857          (d) without the written consent of the State Board of Regents in accordance with Section
             858      53B-5-114 , may not contain the words:
             859          (i) "university";
             860          (ii) "college"; or
             861          (iii) "institute."
             862          (2) (a) A person or entity, other than a limited liability company formed or registered under


             863      this chapter, may not use in its name in this state any of the terms:
             864          (i) "limited liability company";
             865          (ii) "limited company";
             866          (iii) "L.L.C.";
             867          (iv) "L.C.";
             868          (v) "LLC"; or
             869          (vi) "LC".
             870          (b) Notwithstanding Subsection (2)(a):
             871          (i) a foreign corporation whose actual name includes the word "limited" or "Ltd." may use
             872      its actual name in this state if it also uses:
             873          (A) "corporation";
             874          (B) "incorporated"; or
             875          (C) an abbreviation of the words listed in this Subsection (2)(b)(i); or
             876          (ii) a limited liability partnership may use in its name the terms:
             877          (A) "limited liability partnership";
             878          (B) "L.L.P."; or
             879          (C) "LLP".
             880          (3) Except as authorized by Subsection (4), the name of a limited liability company must
             881      be distinguishable as defined in Subsection (5) upon the records of the division from:
             882          (a) the name of any limited partnership formed or authorized to transact business in this
             883      state;
             884          (b) the name of any limited liability company formed or authorized to transact business
             885      in this state;
             886          (c) the corporate name of any corporation incorporated or authorized to transact business
             887      in the state;
             888          (d) any limited partnership name reserved under this chapter;
             889          (e) any limited liability company name reserved under this chapter;
             890          (f) any corporate name reserved under:
             891          (i) Title 16, Chapter 10a, Utah Revised Business Corporation Act, as amended; or
             892          (ii) Title 16, Chapter 6, Utah Nonprofit Corporation and Cooperative Association Act, as
             893      amended;


             894          (g) any fictitious name adopted by a foreign corporation, limited partnership, or limited
             895      liability company authorized to transact business in this state because its real name is unavailable;
             896          (h) any corporate name of a not-for-profit corporation incorporated or authorized to
             897      transact business in this state; and
             898          (i) any assumed name, trademark, or service mark registered by the division.
             899          (4) (a) A limited liability company may apply to the division for approval to file its articles
             900      of organization under or to reserve a name that is not distinguishable upon the division's records
             901      from one or more of the names described in Subsection (3).
             902          (b) The division shall approve the name for which the company applies under Subsection
             903      (4)(a) if:
             904          (i) the other person whose name is not distinguishable from the name under which the
             905      applicant desires to file:
             906          (A) consents to the filing in writing; and
             907          (B) submits an undertaking in a form satisfactory to the division to change its name to a
             908      name that is distinguishable from the name of the applicant; or
             909          (ii) the applicant delivers to the division a certified copy of the final judgment of a court
             910      of competent jurisdiction establishing the applicant's right to use the name in this state.
             911          (5) A name is distinguishable from other names, trademarks, and service marks registered
             912      with the division if it contains one or more different letters or numerals from other names upon the
             913      division's records.
             914          (6) The following differences are not distinguishing:
             915          (a) the terms:
             916          (i) "corporation";
             917          (ii) "incorporated";
             918          (iii) "company";
             919          (iv) "limited partnership";
             920          (v) "limited";
             921          (vi) "L.P.";
             922          (vii) "Ltd.";
             923          (viii) "limited liability company";
             924          (ix) "limited company";


             925          (x) "L.C."; or
             926          (xi) "L.L.C.";
             927          (b) an abbreviation of a word listed in Subsection (6)(a);
             928          (c) the presence or absence of the words or symbols of the words "the," "and," "a," or
             929      "plus";
             930          (d) differences in punctuation and special characters;
             931          (e) differences in capitalization;
             932          (f) [for a limited liability company that is formed in or registered as a foreign limited
             933      liability company in this state on or after May 4, 1998,] differences between singular and plural
             934      forms of words for a limited liability company:
             935          (i) formed in or registered as a foreign limited liability company in this state on or after
             936      May 4, 1998; or
             937          (ii) that changes its name on or after May 4, 1998; [or]
             938          (g) differences in whether the letters or numbers immediately follow each other or are
             939      separated by one or more spaces if:
             940          (i) the sequence of letters or numbers is identical; and
             941          (ii) the limited liability company:
             942          (A) is formed in or registered as a foreign limited liability company in this state on or after
             943      May 3, 1999[.]; or
             944          (B) changes its name on or after May 3, 1999; or
             945          (h) differences in abbreviations, for a limited liability company:
             946          (i) formed in or registered as a foreign limited liability company in this state on or after
             947      May 1, 2000; or
             948          (ii) that changes its name on or after May 1, 2000.
             949          (7) The director of the division shall have the power and authority reasonably necessary
             950      to interpret and efficiently administer this section and to perform the duties imposed on the
             951      division by this section.
             952          (8) A name that implies that a limited liability company is an agency of this state or any
             953      of its political subdivisions, if it is not actually such a legally established agency or subdivision,
             954      may not be approved for filing by the division.
             955          (9) The exclusive right to a name may be reserved by:


             956          (a) any person intending to:
             957          (i) organize a limited liability company under this chapter; and
             958          (ii) adopt that name;
             959          (b) any limited liability company or any foreign limited liability company registered in this
             960      state intending to adopt that name;
             961          (c) any foreign limited liability company intending to:
             962          (i) register in this state; and
             963          (ii) adopt that name; and
             964          (d) any person intending to:
             965          (i) organize a foreign limited liability company;
             966          (ii) have the company register in this state; and
             967          (iii) adopt that name.
             968          (10) (a) The reservation described in Subsection (9)(a) shall be made by filing with the
             969      division an application executed under penalty of perjury by the applicant to reserve a specified
             970      name.
             971          (b) If the division finds that the name is available for use by a limited liability company
             972      or a foreign limited liability company, it shall reserve the name exclusively for the applicant for
             973      a period of 120 days. The name reservation may be renewed for any number of subsequent periods
             974      of 120 days.
             975          (c) The exclusive right to a reserved name may be transferred to any other person by filing
             976      with the division a notice of the transfer executed under penalty of perjury by the applicant for
             977      whom the name was reserved and specifying the name and address of the transferee.
             978          (11) (a) The requirements of Subsection (1)(d) do not apply to a limited liability company
             979      that is formed in or registered as a foreign limited liability company in this state on or before May
             980      4, 1998, until December 31, 1998.
             981          (b) On or after January 1, 1999, any limited liability company formed in or registered as
             982      a foreign limited liability company in this state shall comply with the requirements of Subsection
             983      (1)(d).
             984          Section 16. Section 48-2b-120 is amended to read:
             985           48-2b-120. Annual report.
             986          (1) (a) Each limited liability company and each foreign limited liability company


             987      authorized to transact business in this state shall file an annual report with the division[,]:
             988          (i) during the month of its anniversary date of formation, in the case of domestic limited
             989      liability companies[,]; or
             990          (ii) during the month of the anniversary date of being granted authority to transact business
             991      in this state, in the case of foreign limited liability companies authorized to transact business in this
             992      state[, an].
             993          (b) The annual report [setting] required by Subsection (1)(a) shall set forth:
             994          [(a)] (i) the name of the limited liability company [and];
             995          (ii) the state or country under the laws of which it is formed;
             996          [(b)] (iii) the street address of the registered office [and];
             997          (iv) the name of the agent for service of process at [that] the address listed in Subsection
             998      (1)(b)(iii), as required to be maintained under Section 48-2b-123 ;
             999          [(c)] (v) if there is a change of the registered agent required to be maintained by Section
             1000      48-2b-123 ;
             1001          [(d) ] (vi) if the street address or legal name of any manager or member with management
             1002      authority named in the articles of organization of a domestic limited liability company, or named
             1003      in the application for the registration of a foreign limited liability company, has changed, the new
             1004      street address or legal name of the member or manager; and
             1005          [(e)] (vii) any change in the persons constituting the managers or members with
             1006      management authority, of a domestic or foreign limited liability company.
             1007          [(2) A change in the person constituting the managers, or members with management
             1008      authority, of a domestic limited liability company shall be reflected in amended articles of
             1009      organization, as provided in Section 48-2b-121 .]
             1010          [(3)] (2) (a) The annual report required by Subsection (1) shall:
             1011          (i) be made on forms prescribed and furnished by the division[,]; and [the information
             1012      contained on the annual report shall be]
             1013          (ii) contain information that is given as of the date of execution of the annual report.
             1014          (b) The annual report forms shall include a statement notifying the limited liability
             1015      company that failure to file the annual report will result in the [suspension and eventual
             1016      cancellation of its certificate] dissolution of:
             1017          (i) the organization, in the case of a domestic limited liability company[,]; or [of]


             1018          (ii) its registration, in the case of a foreign limited liability company authorized to transact
             1019      business in this state.
             1020          [(4)] (3) The annual report shall be signed by:
             1021          (a) any manager or member with management authority[. If] under penalty of perjury; and
             1022          (b) if the registered agent has changed since the last annual report, [the annual report shall
             1023      also be signed by] the new registered agent.
             1024          [(5)] (4) (a) If the annual report conforms to the requirements of this chapter, the division
             1025      shall file the report.
             1026          (b) If the annual report does not conform, the division shall mail the report first class
             1027      postage prepaid to the limited liability company at the street address set forth for its agent for
             1028      service of process in the certificate of organization or most recent annual report, for any necessary
             1029      corrections.
             1030          (c) If [a] the division returns an annual report [is returned] in accordance with Subsection
             1031      (4)(b), the penalties for failure to file the annual report within the time prescribed in this section
             1032      do not apply, as long as the annual report is corrected and returned to the division within 30 days
             1033      from the date the nonconforming report was mailed to the limited liability company.
             1034          Section 17. Section 48-2b-121 is amended to read:
             1035           48-2b-121. When amendments to the articles of organization are required.
             1036          (1) The articles of organization of a limited liability company shall be amended when:
             1037          (a) there is a change in the name of the limited liability company;
             1038          (b) there is a change in the character of the business of the limited liability company
             1039      specified in the articles of organization;
             1040          (c) there is a false or erroneous statement in the articles of organization;
             1041          (d) there is a change in the time for the dissolution of the limited liability company that
             1042      is:
             1043          (i) stated in the articles of organization; or
             1044          (ii) provided for in Subsection 48-2b-116 (4); or
             1045          [(e) there is a change in:]
             1046          [(i) who is a manager of the limited liability company; or]
             1047          [(ii) if the limited liability company is managed by its members, who is a member of the
             1048      limited liability company; or]


             1049          [(f)] (e) the members desire to make a change in any other statement in the articles of
             1050      organization in order for the articles to accurately represent the agreement among the members.
             1051          (2) Each limited liability company shall file with the division a copy of any amendment
             1052      to the articles within 60 days after the adoption of the amendment.
             1053          (3) A limited liability company is not required to amend its articles of organization to
             1054      report a change in:
             1055          (a) the street or mailing address of a manager or member with management authority; or
             1056          (b) the legal name of a manager or member with management authority.
             1057          Section 18. Section 48-2b-142 is amended to read:
             1058           48-2b-142. Involuntary dissolution.
             1059          (1) A limited liability company may be dissolved involuntarily by order of any court of
             1060      competent jurisdiction in an action filed by the attorney general or the director of the division when
             1061      it is established that the limited liability company:
             1062          (a) obtained the issuance of its certificate of organization or of its execution through fraud,
             1063      in which case the certificate of organization shall be canceled as of the date of its filing;
             1064          (b) continually exceeded or abused the authority conferred upon it by law or by the
             1065      operating agreement;
             1066          (c) committed a violation of any provision of law whereby it has forfeited its charter;
             1067          (d) carried on, conducted, or transacted its business in a persistently fraudulent or illegal
             1068      manner;
             1069          (e) abused its powers contrary to the public policy of the state; or
             1070          (f) failed to amend its articles of organization as required by Section 48-2b-121 .
             1071          (2) A limited liability company or a foreign liability company registered in this state is
             1072      delinquent if:
             1073          (a) it does not file an annual report within the time prescribed by this chapter; or
             1074          (b) it fails to maintain a registered agent in this state for 60 consecutive days.
             1075          (3) (a) [Unless the limited liability company's certificate of organization is already
             1076      suspended for any reason, the] The division shall mail a notice of delinquency of each delinquent
             1077      limited liability company to:
             1078          (i) the [managers] registered agent of the limited liability company [at the addresses set
             1079      forth in the limited liability company's articles of organization, or, if the limited liability company


             1080      is managed by its members, then to the members at the addresses set forth in the limited liability
             1081      company's articles of organization.]; or
             1082          (ii) if there is no registered agent of record, at least one manager of the limited liability
             1083      company.
             1084          (b) The notice of delinquency shall state:
             1085          (i) the nature of the delinquency; and
             1086          (ii) that the limited liability company shall be [suspended] dissolved, unless it corrects the
             1087      delinquency [and pays a notification fee] within [30] 60 days of the mailing of the notice of
             1088      delinquency[; and].
             1089          [(iii) that a suspended limited liability company may be reinstated only after payment of
             1090      a reinstatement fee.]
             1091          [(b) A notice of delinquency shall be mailed first class, postage prepaid.]
             1092          (c) The division shall include with the notice any forms necessary to correct the
             1093      delinquency.
             1094          [(d) The division shall assess the limited liability company a notification fee, as
             1095      determined under Section 63-38-3.2 .]
             1096          [(4) (a) A limited liability company, or a foreign limited liability company registered in
             1097      this state, that remains delinquent for more than 30 days after the mailing of the notice of
             1098      delinquency under this section shall be suspended.]
             1099          [(b) Unless the limited liability company's certificate of organization is already suspended
             1100      for any reason, if a limited liability company is suspended under this section, the division shall
             1101      mail a notice of suspension to the managers of the limited liability company at the addresses set
             1102      forth in the limited liability company's articles of organization, or, if the limited liability company
             1103      is managed by its members, then to the members at the addresses set forth in the limited liability
             1104      company's articles of organization.]
             1105          [(c) The notice of suspension shall state:]
             1106          [(i) that the certificate of organization has been suspended;]
             1107          [(ii) the reason for the suspension;]
             1108          [(iii) the date of the suspension;]
             1109          [(iv) that the limited liability company may remove the suspension by correcting the
             1110      delinquency and paying a reinstatement fee determined by the division in accordance with Section


             1111      63-38-3.2 , in addition to any fees required by Subsection (3); and]
             1112          [(v) that the limited liability company's certificate of organization will be canceled
             1113      involuntarily one year after the date of mailing of the notice of suspension unless the limited
             1114      liability company has removed the suspension before that time.]
             1115          [(5) The division shall include an annual report form in the notice of suspension if the
             1116      suspension is due to failure to file an annual report.]
             1117          [(6)] (4) (a) If the limited liability company does not remove the [suspension] delinquency
             1118      within [one year] 60 days after the date of mailing of the notice of [suspension] delinquency, the
             1119      limited liability company's certificate of organization [may] shall be [canceled] dissolved
             1120      involuntarily by the director of the division effective on the date specified in Subsection (4)(c).
             1121      [The]
             1122          (b) If a limited liability's certificate of organization is dissolved under Subsection (4)(a),
             1123      the division shall mail a certificate of [cancellation] dissolution to [the managers]:
             1124          (i) the registered agent of the limited liability company [at the address set forth in the
             1125      limited liability company's articles of organization, or, if the limited liability company is managed
             1126      by its members, then to the members at the addresses set forth in the limited liability company's
             1127      articles of organization. No canceled]; or
             1128          (ii) if there is no registered agent of record, at least one manager of the limited liability
             1129      company.
             1130          (c) A limited liability company's date of dissolution is five days from the date the division
             1131      mailed a certificate of dissolution under Subsection (4)(b).
             1132          (d) A dissolved limited liability company may not be reinstated, except as set forth in
             1133      Subsection [(7)] (5).
             1134          (e) [Any] On the date of dissolution, any assumed names filed on behalf of the [canceled]
             1135      dissolved limited liability company under [Section 48-2b-106 also] Title 42, Chapter 2,
             1136      Conducting Business Under an Assumed Name, are [canceled. The] canceled.
             1137          (f) Notwithstanding Subsection (4)(e), the name of a [canceled] dissolved limited liability
             1138      company and any assumed names filed on its behalf are not available for [one year] two years from
             1139      the date of [cancellation] dissolution for use by any other person:
             1140          (i) transacting business in this state[,]; or [person]
             1141          (ii) doing business under an assumed name under [Section 48-2b-106 ] Title 42, Chapter


             1142      2, Conducting Business Under an Assumed Name.
             1143          (g) Notwithstanding Subsection (4)(e), if the limited liability company that is dissolved
             1144      is reinstated in accordance with this section, the registration of the name of the limited liability
             1145      company and any assumed names filed on its behalf are reinstated back to the date of dissolution.
             1146          [(7)] (5) Any limited liability company whose certificate of organization has been
             1147      [canceled] dissolved under Section 48-2b-141 or this section may be reinstated within [one year]
             1148      two years following [cancellation] dissolution upon:
             1149          (a) application; and
             1150          (b) payment of:
             1151          (i) all penalties; and
             1152          (ii) all reinstatement fees.
             1153          [(8)] (6) A member of a limited liability company has no personal liability solely by reason
             1154      of the limited liability company having had its certificate of organization [suspended or canceled]
             1155      dissolved.
             1156          [(9)] (7) A limited liability company that has had its certificate or registration [suspended
             1157      or canceled] dissolved may not maintain any action, suit, or proceeding in any court of this state
             1158      until it has [removed the suspension or] reinstated its certificate or registration following
             1159      [cancellation] dissolution.
             1160          (8) If the division denies a limited liability company's application for reinstatement
             1161      following a dissolution under this section, the division shall mail the limited liability company
             1162      written notice:
             1163          (a) setting forth the reasons for denying the application; and
             1164          (b) stating that the limited liability company has the right to appeal the division's
             1165      determination to the executive director of the Department of Commerce in accordance with Title
             1166      63, Chapter 46b, Administrative Procedures Act.
             1167          (9) A notice or certificate mailed under this section shall be:
             1168          (a) mailed first-class, postage prepaid; and
             1169          (b) addressed to the most current mailing address appearing on the records of the division
             1170      for:
             1171          (i) the registered agent of the limited liability company, if the notice is required to be
             1172      mailed to the registered agent; or


             1173          (ii) the manager of the limited liability company that is mailed the notice, if the notice is
             1174      required to be mailed to a manager of the limited liability company.
             1175          Section 19. Repealer.
             1176          This act repeals:
             1177          Section 16-6-99.1, Suspension -- Notice -- Failure to remove suspension.


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