MO HB1514

Permits operating agreements to establish designated series of transferable interests with separate rights, powers, duties, and business purposes within a single limited liability company.

Limits liability of each series to its own assets only if the operating agreement creates the series, separate records are maintained, liability limitations are stated in articles of organization, and proper notice is filed with the secretary of state.

Allows series to be managed either by members (member-managed) or designated managers (manager-managed), with default status as member-managed unless operating agreement specifies otherwise.

Permits series members and managers to have distinct classes or groups with different voting rights and relative powers, and allows actions to be taken without member approval in certain circumstances.

Enables series to terminate and wind up independently without dissolving the parent limited liability company, with series assets distributed according to specified rules and procedures.