Bill Title: Amends the Limited Liability Company Act. Provides that if a company fails to permit the inspection of records as required under the Act, a person making a request or demand may file an action to compel the company to permit the inspection and copying and obtain other legal or equitable relief, including (if the court finds that the company acted unreasonably) costs and attorney's fees. Provides that specified provisions do not limit the personal liability of a member or manager imposed under a law other than the Act, including agency, contract, and tort law. Makes various changes concerning: definitions; admission of members; statements of authority; operating agreements; actions by members; transfer of interests; and dissociation of members.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0553 [SB1495 Detail]

Text: Latest bill text (Chaptered) [HTML]

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