03RS HB505


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HB 505 (BR 1746) - S. Brinkman

     AN ACT relating to limited liability companies.
     Amend and create various sections of KRS Chapter 275 relating to limited liability companies to provide for electronic filing of documents, for dissenters rights in the administration and dissolution of the LLCs activities; add additional organizational steps and components in the creation, administration, and dissolution of an LLC; provide for the conclusive effect of filings with Secretary of State, preorganization liability, the release of a reserved name, increased flexibility in admitting members to the LLC, default rules where the operating agreement is silent, separation of payments made in compensation and payments made as profit distributions, preemption of permissible transfers under Article 9 of the UCC, and rules relating to dissolution of the LLC, succession in cases of single member LLCs, set rules, requirements, and procedures for non-profit LLCs, allow LLCs to engage in share exchange activities, set rules, requirements, and procedures for "special purpose" and "series" LLCs; amend KRS 313.240 to allow dentists to practice in an LLC; amend KRS 11A.010, 11A.201, 304.38-040, 304.38-070, and 311A.070 to conform.

     Feb 14-introduced in House
     Feb 18-to Judiciary (H)
     Feb 20-posted in committee

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