SF 2347: 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 This bill amends provisions in the uniform limited liability company Act (Code chapter 489) originally enacted in 2008 and rewritten during the 2023 legislative session (2023 Iowa Acts, chapter 152).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 February 20, 2024

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Mike Klimesh (R) · mike.klimesh@legis.iowa.gov
• Sen. Herman C. Quirmbach (D) · herman.quirmbach@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Iowa Secretary of State; Iowa State Bar Association

In plain words

1. February 14, 2024Filed in the Senate
2. February 14, 2024Approved by the Senate committee
3. February 15, 2024Sent to the Senate Ways and Means committee
4. February 20, 2024Senate subcommittee named: Bousselot, Klimesh and Quirmbach