Modifies provisions relating to series limited liability companies

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Official Summary Text

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Perfected

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SCS/SB 1142 - This act modifies provisions relating to limited liability companies. A new provision is created allowing any person to apply to the Secretary of State (SOS) to furnish a certificate of good standing for a domestic limited liability company, a foreign limited liability company, a domestic limited liability company series, or a foreign limited liability company series. A certificate of good standing issued by the SOS may be relied upon as prima facie evidence that the domestic or foreign limited liability company is in existence or is authorized to transact business in this state.

The act provides that, not later than January 31, 2027, each series of a limited liability company shall be individually profiled, maintained, and searchable as a business entity on the business services website of the SOS in the same manner that a non-series entity is profiled, maintained, and searchable.
SCOTT SVAGERA

Senate Committee Substitute

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SCS/SB 1142 - This act modifies provisions relating to limited liability companies. A new provision is created allowing any person to apply to the Secretary of State (SOS) to furnish a certificate of good standing for a domestic limited liability company, a foreign limited liability company, a domestic limited liability company series, or a foreign limited liability company series. A certificate of good standing issued by the SOS may be relied upon as prima facie evidence that the domestic or foreign limited liability company is in existence or is authorized to transact business in this state.

The act provides that, not later than January 31, 2027, each series of a limited liability company shall be individually profiled, maintained, and searchable as a business entity on the business services website of the SOS in the same manner that a non-series entity is profiled, maintained, and searchable.
SCOTT SVAGERA

Introduced

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SB 1142 - This act provides that each series of a limited liability company shall be individually profiled, maintained, and searchable as a business entity on the website of the Secretary of State in the same manner that a non-series entity is profiled, maintained, and searchable.

Additionally, a series of a limited liability company that is in good standing shall be able to obtain a stand-alone certificate of good standing from the Secretary of State in the name of the series in the same manner and form as a non-series business entity can obtain a certificate of good standing.
SCOTT SVAGERA