This bill aims to revise laws concerning the interpretation of limited liability company (LLC) operating agreements in Montana. It introduces a new provision that clarifies how ambiguities in operating agreements should be resolved, specifically stating that if there is a conflict between maintaining the existence of an LLC and its dissolution, the agreement should be interpreted in favor of maintaining the LLC. Additionally, the bill amends existing sections of the Montana Code Annotated (MCA) related to the effect of operating agreements and management and voting procedures within LLCs. Notably, it specifies that the terms of an operating agreement must be interpreted according to Title 28, chapter 3.

Furthermore, the bill includes an appropriation of $100 from the general fund to the office of the secretary of state for updating the agency's website to reflect these changes, with the effective date set for July 1, 2025. The act is also retroactively applicable to operating agreements that were in existence prior to its effective date, ensuring that the new interpretations and provisions will apply to those agreements as well.

Statutes affected:
LC Text: 35-8-109, 35-8-307
HB0898_1(1): 35-8-109, 35-8-307
HB0898_1(2): 35-8-109, 35-8-307
HB0898_1(3): 35-8-109, 35-8-307
HB0898_1(4): 35-8-109, 35-8-307
HB0898_1(5): 35-8-109, 35-8-307
HB0898_1(6): 35-8-109, 35-8-307
HB0898_1(7): 35-8-109, 35-8-307
HB0898_1(8): 35-8-109, 35-8-307
HB0898_1: 35-8-109, 35-8-307
HB0898_2(1): 35-8-109, 35-8-307
HB0898_2(2): 35-8-109, 35-8-307
HB0898_2(3): 35-8-109, 35-8-307
HB0898_2(4): 35-8-109, 35-8-307
HB0898_2: 35-8-109, 35-8-307
HB0898_X(1): 35-8-109, 35-8-307
HB0898_X(10): 35-8-109, 35-8-307
HB0898_X(11): 35-8-109, 35-8-307
HB0898_X(12): 35-8-109, 35-8-307
HB0898_X(2): 35-8-109, 35-8-307
HB0898_X(3): 35-8-109, 35-8-307
HB0898_X(4): 35-8-109, 35-8-307
HB0898_X(5): 35-8-109, 35-8-307
HB0898_X(6): 35-8-109, 35-8-307
HB0898_X(7): 35-8-109, 35-8-307
HB0898_X(8): 35-8-109, 35-8-307
HB0898_X(9): 35-8-109, 35-8-307
HB0898_X: 35-8-109, 35-8-307