SB 17 Summary: Revised Uniform Limited Liability Company Act

• Enacts the Revised Uniform Limited Liability Company Act (Chapter 10.55) to replace the former limited liability company statute (AS 10.50), effective January 1, 2010.

• Establishes comprehensive LLC governance framework including member rights, manager duties, operating agreements, member dissociation, dissolution procedures, and distribution rules.

• Permits mergers, conversions, and domestications of LLCs with other business entities under specified conditions.

• Requires LLCs to maintain designated offices and agents for service of process in Alaska; establishes registration and filing requirements with the Department of Commerce.

• Repeals all sections of former AS 10.50 (old LLC statute) and provides transition provisions allowing existing LLCs to elect applicability of new law before January 1, 2011.