SB1495 Summary

• Removes the definition of "federal employer identification number" from the Limited Liability Company Act definitions section.

• Removes the definition of "membership interest" and replaces references with "distributional interest" throughout the Act to clarify member rights.

• Adds new subsection (a-5) to Section 10-10 clarifying that members and managers of LLCs remain personally liable under non-LLC law (including agency, contract, and tort law) for their own wrongful acts, overruling prior court decisions.

• Adds enforcement provisions allowing members and transferees to file lawsuits to compel inspection of company records and information, with courts authorized to award reasonable attorney's fees if the company fails to comply.

• Clarifies member admission procedures and restricts transfer of member rights and powers except through operating agreement provisions or unanimous consent of other members.