The bill amends the Kansas Revised Limited Liability Company Act to modernize and clarify provisions related to limited liability companies (LLCs). Key updates include the allowance for electronic documentation and signatures, making business operations more efficient. It establishes that subscriptions for LLC interests can be irrevocable under certain conditions, modifies the requirements for domestic LLC divisions and mergers, and permits LLCs to consolidate operations for tax purposes. The bill also addresses wrongful transfers of property intended to defraud creditors, clarifies the responsibilities of operating agreements, and updates definitions related to series LLCs and the filing of certificates with the Secretary of State.

Additionally, the bill enhances the governance and operational procedures for LLCs by specifying member admission processes, voting rights, and meeting protocols, including the use of electronic communications. It introduces provisions for the creation of designated series within LLCs, allowing for separate rights and liabilities, and clarifies the processes for mergers, consolidations, and the dissolution of series. The legislation aims to streamline operations while ensuring compliance with existing laws, protecting the rights of members and managers, and facilitating the management of LLCs in a digital environment.

Statutes affected:
As introduced: 17-7662, 17-7663, 17-7668, 17-7670, 17-7681, 17-7682, 17-7685a, 17-7686, 17-7687, 17-7690, 17-7695, 17-7698, 17-76, 17-7506, 17-78, 17-7904, 17-7925, 17-7927, 17-7929
As Amended by House Committee: 17-7662, 17-7663, 17-7668, 17-7670, 17-7681, 17-7682, 17-7685a, 17-7686, 17-7687, 17-7690, 17-7695, 17-7698, 17-76, 17-7506, 33-102, 17-78, 17-7904, 17-7925, 17-7927, 17-7929
As Amended by Senate Committee: 17-7662, 17-7663, 17-7668, 17-7670, 17-7681, 17-7682, 17-7685a, 17-7686, 17-7687, 17-7690, 17-7695, 17-7698, 17-76, 17-7506, 33-102, 17-78, 17-7904, 17-7925, 17-7927, 17-7929
Enrolled: 17-7662, 17-7663, 17-7668, 17-7670, 17-7681, 17-7682, 17-7685a, 17-7686, 17-7687, 17-7690, 17-7695, 17-7698, 17-76, 17-7506, 33-102, 17-78, 17-7904, 17-7925, 17-7927, 17-7929