Devoted to Corporate Attorneys, Corporate Lawyers, and Corporate Counsel

Notes:  Some of this research came from a CT Newswire (part of Wolters Kluwer Corporate Legal Services).  The following is not meant to be legal advice. 

West Virginia:  Effective for tax years beginning on or after January 1, 2007, Senate Bill 2004, reduces the business franchise tax rate from .70% to .55% (the minimum remains $50).  Effective for tax years beginning on or after January 1, 2007, Senate Bill 2005, reduces the corporation net income tax rate from 9% to 8.75%.

Virginia:  In Re: Tyringham Holdings, Inc. (The Official Committee of Unsecured Creditors for Tryingham Holdings, Inc. v. Suna Bros. Inc.) CN 06-32385-DOT, APN 06-03142-DOT (USBC E.D. Va. 12/1/06), Suna Bros. Inc. filed a financing statement with the Virginia State Corporation Commission (SCC).   Suna Bros. Inc. listed the debtor’s name as “Tyringham Holdings”. An official UCC search certified by the SCC under the name “Tyringham Holdings Inc.” did not reveal the Suna financing statement. The debtor was a Virginia corporation listed on the SCC’s records as “Tyringham Holdings Inc.” According to the Bankruptcy Court, because the only search which used the correct name under the standard search logic employed by the SCC did not disclose the financing statement, the financing statement was misleading and insufficient to perfect Suna Bros. Inc.’s security interest.