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 and modifies requirements for domestic LLC divisions, mergers, and consolidations. The bill also introduces provisions for LLCs to ratify void or voidable acts, updates indemnification provisions for members and managers, and clarifies the processes for mergers and consolidations, including the removal of appraisal rights for LLC interests in specific scenarios.

Additionally, the bill outlines a comprehensive framework for the division of domestic LLCs, detailing the process for dividing an LLC into multiple entities while ensuring that personal liabilities remain unaffected. It mandates member consent for division plans and specifies the responsibilities of designated contacts for record-keeping. The bill also addresses the governance of series within LLCs, allowing for separate rights and liabilities, and introduces statutory public benefit LLCs that must balance financial interests with public benefits. Overall, these amendments aim to enhance operational flexibility, legal clarity, and compliance for LLCs in Kansas.

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