IN HB1394

Expands who may sign annual or biennial reports for business entities to include registered agents, certified public accountants, or attorneys who are either employed or retained by the entity, rather than only those employed by it

Clarifies that limited liability companies (LLCs) may be organized for any business, personal, or nonprofit purpose, and allows operating agreements to provide for officers with specified powers, duties, and terms

Permits LLC operating agreements to modify, increase, decrease, limit, or eliminate fiduciary duties and liability of members or managers, and establishes that freedom of contract is the policy of Indiana's LLC statute

Allows LLC member interests to be designated as transfer on death property or held in joint tenancy with right of survivorship, with surviving beneficiaries or joint tenants having assignee status until admitted as members

Changes voluntary dissolution requirements for LLCs formed after July 1, 2013 to require unanimous member consent (unless the operating agreement specifies otherwise), compared to the previous two-thirds consent standard