This bill amends the Kansas Revised Limited Liability Company Act to enhance the framework for series limited liability companies (LLCs) by providing clearer guidelines for their operation and management. It allows LLCs and their series to elect to consolidate operations as a single taxpayer for certain purposes and permits operating agreements to impose specific restrictions, duties, and obligations on members. The bill establishes that any wrongful transfer of property intended to hinder, delay, or defraud creditors will be deemed void. Key provisions include the formation process for a series, the establishment of separate rights and duties for each series, and the protection of assets by ensuring that debts incurred by a series are enforceable only against that series' assets.

Additionally, the bill introduces new provisions regarding the amendment and cancellation of certificates of designation for LLCs, allowing for amendments at any time and specifying that certificates become effective upon filing unless a later date is indicated. It outlines the conditions for canceling a certificate of designation and the required information for a certificate of cancellation. The bill also mandates that foreign limited liability companies disclose whether their operating agreements establish series with separate rights and obligations. It repeals K.S.A. 17-76,143, thereby updating the legal framework governing series LLCs in Kansas, and states that the bill will take effect upon publication in the statute book.

Statutes affected:
As introduced: 17-76, 33-102