SB 476 Summary

• Amends Oklahoma law regarding reinstatement of limited liability companies (LLCs) and registered series that lose good standing for failure to file annual certificates or pay fees.

• Updates statutory reference from "Section 14 2054.5" to "Section 2054.5" in reinstatement procedures for domestic registered series.

• Adds exception to personal liability protections for LLC members and managers who knew or should have known the company lost good standing or had its articles canceled, and the company lacked sufficient net assets to cover obligations at the time the member or manager bound the company to the liability.

• Preserves existing protections that reinstatement relates back to the cancellation date, contracts remain valid, and company property is restored following reinstatement.

• Becomes effective November 1, 2025.