This bill amends the existing law regarding professional limited liability companies (PLLCs) to allow a single-member PLLC to appoint an assistant manager who is not a qualified person. This provision is specifically designed to address situations where the manager of the PLLC dies, becomes incapacitated, or is disqualified. The new legal language stipulates that, unless otherwise stated in the operating agreement, the assistant manager may exercise the manager's rights for up to one year following such events, while still adhering to the professional and ethical standards of the profession.

The bill also clarifies that while the assistant manager can take on certain managerial responsibilities during this transitional period, they are not authorized to perform any professional duties or exercise professional judgment related to the subject profession. The amendments include the insertion of specific language that outlines these provisions and the deletion of previous requirements that all officers and managers must be qualified persons, thereby allowing for greater flexibility in the management of single-member PLLCs. The act is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 304-D:12
Version adopted by both bodies: 304-D:12
CHAPTERED FINAL VERSION: 304-D:12