OKL LEG Limited Liability Company
On Apr. 23, OKL LEG enacted bill re limited liability company act.
- OKL LEG enacted bill SB 649, modifying capabilities of limited liability company (LLC).
- Amendments to Oklahoma limited liability company act (OKL LEG 18-2001, et al).
- Bill Provisions
- Allows LLC to form a registered series and to grant a security interest in its interests.
- Authorizes an LLC to split into multiple LLCs and allocate assets/liabilities among them.
- The terms of such a split or division must be set forth in a plan of division.
- Dividing company to file certificate of division and articles of organization for each LLC.
- Registered series may dissolve independently and merge with another of same entity.
- Registered series revived if it loses good standing and convert into a protected series.
- Mandates a registered series or a dividing company must file with Secretary of State.
- Legislative History
- On Feb. 6, 2023, bill introduced in the Senate; on Mar. 8, 2023, bill passed in Senate.
- On Mar. 9, 2023, bill engrossed to House; on Apr. 17, 2024, bill passed in the House.
- On Apr. 18, 2024, bill sent to governor; on Apr. 23, 2024, bill approved by governor.
- Effectiveness
- This act shall become effective as of Nov. 1, 2024.
| Regulators |
OKL LEG
|
| Entity Types |
Corp |
| Reference |
Bill, SB649, 4/23/2024; Citation: OKL LEG 18; |
| Functions |
Compliance; Financial; Legal; Registration/Licensing |
| Countries |
United States of America |
| Category |
|
| State |
|
| Products |
Corporate |
| Regions |
Am |
| Rule Type |
Final |
| Rule Date |
4/23/2024 |
| Effective Date |
11/1/2024 |
| Rule Id |
209415 |
| Linked to |
N/A
|
| Reg. Last Update |
4/23/2024 |
| Report Section |
US Consumer |
Last substantive update on 04/25/2024
