The bill proposes the repeal of section 347.186 of the Revised Statutes of Missouri and enacts two new sections, 347.044 and 347.186, which relate to limited liability companies (LLCs). The new section 347.044 allows any person to apply for a certificate of good standing for both domestic and foreign limited liability companies, detailing the necessary information that must be included in such certificates. Additionally, it establishes that a series of a limited liability company can obtain a stand-alone certificate of good standing, thereby enhancing the recognition and operational capabilities of LLC series within the state. The bill also introduces provisions regarding the management and operation of series within limited liability companies, including the establishment of separate rights, powers, and duties for each series. It mandates that each series be individually profiled and searchable on the Missouri Secretary of State's business services website, similar to non-series entities. Furthermore, it clarifies that the debts and obligations of a particular series are enforceable only against the assets of that series, not against the LLC as a whole or other series, thereby reinforcing the liability protections for series within LLCs.

Statutes affected:
Introduced (6075H.01): 347.186
Committee (6075H.02): 347.044, 347.186
Perfected (6075H.02): 347.044, 347.186