HF 2647: Providing for limited liability companies, providing for fees, and including effective date provisions

What it does

GENERAL. This bill amends provisions in the uniform limited liability company Act (Code chapter 489) originally enacted in 2008 and rewritten during the 2023 legislative session (2023 Iowa Acts, chapter 152). The 2023 Iowa Act was based on a proposed Act (model legislation) approved and recommended by the national conference on commissioners on uniform state laws, also named the uniform law commissioners (ULC), which includes commissioners appointed by the Governor (Code chapter 5). A limited liability company (LLC), or simply “company”, is a type of unincorporated business entity formed for the acquisition of capital (contributions) from, and the payout of receipts (distributions) to, its investors (members).

Senate subcommittee · named April 2, 2024

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Waylon Brown (R)
• Sen. Janet Petersen (D) · janet.petersen@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Iowa Secretary of State; Iowa State Bar Association

In plain words

1. March 6, 2024Filed in the House
2. March 26, 2024Passed the House, 95–0
3. March 26, 2024Arrived in the Senate
4. April 2, 2024Senate subcommittee named: Bousselot, Brown and Petersen
5. April 8, 2024Subcommittee recommended passing it
6. April 10, 2024Approved by the Senate committee
7. April 17, 2024Passed the Senate, 46–0
8. April 26, 2024Sent to the Governor
9. May 1, 2024Signed into law