NC Chamber Supports Legislation to Grow Innovation

An important pro-jobs bill that will amplify our state’s ability to attract entrepreneurial growth has been sent to the House after passing the Senate with unanimous support last week. Senate Bill 482 (LLC Act Clarification), which has been referred to the House Committee on Commerce and Job Development, would add more clarity and certainty to laws regarding the formation of limited liability companies (LLC’s) in North Carolina.

Senate Bill 482 modifies North Carolina’s current Limited Liability Company Act to protect the intellectual property rights of investors, ensuring employers retain ownership over employee-devised inventions that become vested in the operations of the LLC. By further simplifying the process for entrepreneurs to develop new LLC’s, Senate Bill 482 provides a spark to North Carolina’s innovative spirit and puts our state on a more competitive footing with our neighbors in attracting these bold endeavors.

With more entrepreneurs opting to form limited liability companies over more traditional corporate structures, any state that hopes to compete in the modern economy must have laws in place that clearly define the rights and obligations of investors in such endeavors. We thank the Senate for advancing this important legislation to stimulate entrepreneurial activity, and we urge members of the House to lend their support to the bill. We will keep you updated on any new developments as this bill continues to move through the General Assembly.

Gary J. Salamido
Vice President, Government Affairs
North Carolina Chamber

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