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OK SB476
Bill
AI Summary
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Amends Oklahoma law governing reinstatement of limited liability companies (LLCs) and registered series that have lost good standing due to failure to file annual certificates or pay required fees
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Members or managers of an LLC lose personal liability protection if they knew or should have known the company ceased to be in good standing, had its articles canceled, or ceased to be duly registered, AND the company lacks sufficient net assets to cover obligations when 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: 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