Limited Liability Company Act

This act governs the formation, internal governance, and dissolution-adjacent administration of limited liability companies, a business form in which owners hold membership interests without personal liability for the entity's debts. It establishes the mechanics of coming into existence and staying in good standing — articles of organization filed with a state authority, name requirements and reservation, a registered office and agent for service of process, amendment and correction procedures, and fees and penalties for false filings. It also supplies the default rules of internal affairs, chiefly the operating agreement and its enforcement, member- versus manager-managed structures, the agency authority and conduct standards of members and managers, capital contributions, access to company records, and the sharing of profits, losses, and distributions.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.