Updates and modernizes laws that govern the formation, governance, operations and conversion of limited liability companies in this state and relations among members, managers and third parties with respect to limited liability companies in this state.

Summary

Digest: The Act updates laws about LLCs. (Flesch Readability Score: 73.8). Updates and modernizes laws that govern the formation, governance, operations and conversion of limited liability companies in this state and relations among members, managers and third parties with respect to limited liability companies in this state.