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 requirements for domestic LLC divisions and mergers, and permits tax consolidation for LLCs. The bill also addresses wrongful property transfers intended to defraud creditors, outlines the responsibilities of operating agreements, and updates definitions related to series LLCs and filing requirements with the Secretary of State.

Additionally, the bill clarifies governance and operational procedures for LLCs, including the admission process for new members and the rights of members to access business information. It allows for electronic voting and specifies that operating agreements can define member classes with varying rights. The legislation also introduces provisions for statutory public benefit LLCs, requiring them to state their public benefit objectives and provide annual statements on their progress. Overall, the amendments aim to enhance the operational flexibility, legal clarity, and compliance of LLCs in Kansas while streamlining various processes related to their governance and management.

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