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OK SB115
Bill
AI Summary
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Amends Oklahoma law governing reinstatement of limited liability companies (LLCs) and registered series that lose good standing due to failure to file annual certificates or pay required fees
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Creates an exception to personal liability protection: LLC members or managers become personally liable for company debts if they knew or should have known the company was not in good standing, had its articles canceled, or ceased to be registered, AND the LLC lacks sufficient net assets to cover the obligations at the time the member/manager bound the company to the liability
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Updates a statutory reference from "Section 14 of this act" to "Section 2054.5 of this title" for domestic registered series reinstatement procedures
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Effective date of November 1, 2025
Legislative Description
Limited liability companies; providing exception to personal liability protections for members or managers. Effective date.
Last Action
Second Reading referred to Judiciary
2/4/2025