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HB 510 - This act modifies the law relating to limited liability companies (LLCs). The act allows an operating agreement to establish a designated series of members, managers, or LLC interest with separate rights, powers, duties, business purposes, and investment objectives. Under current law, certain information is required to set forth in the articles of organization of an (LLC). Under the act, the same information shall also be provided for each separate series of the LLC. Liabilities of each series shall remain separate and be only enforceable with respect to that series. Certain aspects of the series, including filings, operation, and dissolution may be executed by the LLC. CHRIS HOGERTY
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