IA
Iowa Senate Bill SF2347

Iowa 2023-2024 Regular Session

Iowa Senate Bill SF2347

Introduced
2/14/24  
Refer
2/15/24  
Introduced
2/14/24  

Caption

A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(Formerly SSB 3147.)

Impact

The impact of SF2347 on state laws revolves around the regulation and administrative framework for LLCs. By modernizing the Iowa Code on LLCs, it seeks to ensure clarity in the formation and operation of these business entities. The introduction of filing fees and the specific requirements for derivative actions could affect how LLC members manage internal disputes within their organizations. While supporters of the bill argue that these changes create a uniform standard beneficial for business operations, critics may voice concerns about the implications of fees on small businesses and accessibility.

Summary

Senate File 2347, often referred to as SF2347, seeks to amend provisions associated with Limited Liability Companies (LLCs) as outlined in Iowa Code chapter 489. The bill introduces terminology changes for consistency with model legislation, modifies requirements for various filings, and establishes specific fees for changing registered agent or registered office, among other provisions. This act aims to modernize and streamline the legal framework governing LLCs in Iowa to align with best practices recommended by national standards.

Contention

One notable point of contention involves the restrictions placed on derivative actions within LLCs. The bill removes the previously allowed exception regarding the futility of making demands before a member could file a derivative action, which may lead to disagreements among members regarding access to legal recourse. Additionally, the introduction of filing fees for certain documents could draw criticism from small business advocates who may perceive these as additional burdens. Overall, the discussions surrounding the bill reflect varied perspectives on balancing administrative efficiency against protecting member rights within LLCs.

Latest SF2347 Activity

Companion Bills

IA SSB3147

Related A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(See SF 2347.)

IA HSB659

Related A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(See HF 2582, HF 2647.)

IA HF2582

Similar To A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(Formerly HSB 659; See HF 2647.)

IA HF2647

Similar To A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions. (Formerly HF 2582, HSB 659.) Effective date: 05/01/2024.

Similar Bills

IA HF2647

A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions. (Formerly HF 2582, HSB 659.) Effective date: 05/01/2024.

IA SSB3147

A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(See SF 2347.)

IA HSB659

A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(See HF 2582, HF 2647.)

IA HF2582

A bill for an act providing for limited liability companies, providing for fees, and including effective date provisions.(Formerly HSB 659; See HF 2647.)

CA AB1209

Employers: gender pay differentials.

IA HF655

A bill for an act providing for business organizations, including limited liability companies, providing penalties, and including effective date provisions. (Formerly HSB 207.) Effective date: 01/01/2024.

IA HSB207

A bill for an act providing for business organizations, including limited liability companies, providing penalties, and including effective date provisions.(See HF 655.)

IA SSB1188

A bill for an act providing for business organizations, including limited liability companies, providing penalties, and including effective date provisions.(See SF 544.)