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2005 SESSION

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SB 933 Limited liability companies; procedure for filing of articles of restatement.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Limited liability companies.  Establishes a procedure for the filing of articles of restatement of a limited liability company as adopted by its members, managers, or persons who formed the limited liability company. Other provisions (i) clarify that limited liability company operating agreements may contain provisions benefiting third parties; (ii) allow a successor in interest to the last member of a limited liability company to provide for the continuation of the limited liability company and the designation of a new member; (iii) clarify that the articles of organization or operating agreement may provide that a membership interest consists only of non-economic rights; and (iv) provide that existing civil immunity protections available to principals of certain tax-exempt organizations apply to principals of tax-exempt partnerships and limited liability companies. The measure also includes several technical corrections.


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