News

UK College of Law Dean Integral in Passage of House Bill

LEXINGTON, Ky. (March 29, 2007) – Allan Vestal, dean of the University of Kentucky College of Law, played an integral part of the creation and passage of House Bill 334. HB 334, sponsored by Rep. Scott Brinkman of Louisville, is one of the largest pieces of modernization legislation for Kentucky Business Entity laws in the Commonwealth's history. The bill focuses primarily on providing conformity among business entity statues to make Kentucky laws easier for constituents to follow and reduces the bureaucratic hoops that many citizens face when trying to form a business entity.

Dean Vestal testified before the House and Senate judiciary committees on behalf of the bill earlier in this legislative session, and is a supportive of the bill's intentions to make Kentucky a great place for businesses to grow.

"With the passage of House Bill 334, we bring the process of modernization and harmonization of Kentucky Entity Law significantly towards a conclusion, leaving Kentucky solidly in the progressive mainstream as an excellent choice for a friendly location in which to organize a business," said Vestal.

The bill also introduces the option of a not-for-profit LLC, adds provisions to the Business Trust Act to uniform rule application, allows for corporations to convert to an LLC and brings the Business Corporation Act closer to the Model Business Corporation Act.

"I am pleased to have worked with Secretary of State Trey Grayson, Dean Vestal and numerous business lawyers throughout Kentucky in further modernizing our business entity laws through the passage of HB 334. It is important for our Kentucky businesses as well as our Kentucky attorneys that our laws regulating business entities are clear, concise and consistent," said Brinkman.

HB 334 intends to make it easier for businesses and their counsels to interact with the Office of the Secretary of State to establish a business entity.

The bill will now go to Governor Fletcher for his consideration.

Media Contact: Katy Bennett, (859) 257-1754

Back