The bill amends the Kansas Revised Limited Liability Company Act to enhance the formation, operation, and governance of limited liability companies (LLCs) in Kansas. Key provisions include the introduction of irrevocable subscriptions for LLC interests, the allowance for electronic documentation and signatures, and the ability for LLCs to consolidate operations for tax purposes. The bill also addresses the wrongful transfer of property to defraud creditors, modifies requirements for mergers and divisions of LLCs, and clarifies the roles and responsibilities of members and managers. Additionally, it establishes new terms related to the division of LLCs and outlines the procedural aspects for adopting a plan of division, ensuring that divisions do not affect personal liabilities incurred prior.

Further amendments focus on the governance of statutory public benefit LLCs, requiring them to state their public benefits in operating agreements and provide annual statements to members. The bill also clarifies the liability of managers and members in relation to public benefits and introduces provisions for the conversion and domestication of entities, streamlining the associated processes. Overall, the amendments aim to modernize the legal framework governing LLCs in Kansas, promoting efficiency, transparency, and accountability while maintaining protections against fraudulent activities.

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