The bill enacts R.S. 12:1705, which establishes guidelines regarding the separate juridical personalities of business organizations in Louisiana. It specifies that the separate legal identity of a business organization cannot be disregarded between different organizations unless there are grounds that would justify such disregard in cases involving a natural person. The bill outlines specific circumstances under which the separate personality of a business organization may not be disregarded, including situations where organizations share control, directors, offices, or utilize centralized accounting systems.

Additionally, the bill clarifies that it does not impact any legal or regulatory actions taken by the commissioner of insurance under the Louisiana Insurance Code, nor does it affect any laws or administrative rules that allow for the consolidation or disregard of business organizations for specific purposes. The provisions of this Act will apply prospectively to all business organizations, including those that are already in existence at the time the Act takes effect.