This bill amends the Kansas Revised Limited Liability Company Act to provide clearer guidelines for series limited liability companies (LLCs) and introduces new provisions regarding the amendment and cancellation of certificates of designation. It allows LLCs and their series to elect to consolidate operations as a single taxpayer and be treated as a single business for certain purposes. The bill specifies that operating agreements can impose restrictions, duties, and obligations on members, and it deems any wrongful transfer of property intended to hinder, delay, or defraud creditors as void. Key provisions include the establishment of series within an LLC with separate rights and obligations, the formation process for a series, and the management structure that allows for varying member rights.

Additionally, the bill outlines the conditions for amending and canceling certificates of designation, stating that amendments can be made at any time and will be effective upon filing unless a later date is specified. It also requires foreign limited liability companies to disclose whether they operate with series that have separate rights and obligations. The bill repeals K.S.A. 17-76,143, which may have contained previous regulations now superseded by the new language. Overall, the act aims to enhance operational flexibility and legal clarity for series LLCs in Kansas and will take effect upon publication in the statute book.

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