IA
Iowa Senate Bill SSB3147

Iowa 2023-2024 Regular Session

Iowa Senate Bill SSB3147

Introduced
2/5/24  
Introduced
2/5/24  

Caption

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

Impact

The introduction of SSB3147 is projected to impact how LLCs operate within Iowa, especially concerning the requirement to file biennial reports and update registered agent information. By centralizing some of the administrative tasks and reducing redundant requirements previously in place, the bill aims to ease compliance burdens for business owners. However, it is essential for LLC members to adjust their practices to align with the new statutory changes outlined in the bill, ensuring they remain compliant with the updated law.

Summary

Senate Study Bill 3147 is legislation aimed at modifying provisions related to limited liability companies (LLCs) under Iowa Code Chapter 489. The bill introduces several changes focused on streamlining processes and complying with updated model legislation. Key adjustments include the requirement for LLCs to maintain updated information with the Secretary of State and clarifications on the process for filing statements related to company activities such as mergers or conversions. This streamlining is expected to create a more efficient regulatory framework for LLCs in Iowa.

Contention

Notable points of contention surrounding SSB3147 include the elimination of exceptions for derivative actions within the proposed statute. The original model legislation allowed members to bypass certain demands based on the futility of those demands, a provision now removed. This change has raised questions regarding access to justice for members seeking to enforce rights on behalf of the LLC. Additionally, the introduction of specific fees for various filings could be seen as an additional financial burden for small business owners, leading to discussions regarding the cost-effectiveness of the regulatory framework.

Latest SSB3147 Activity

Companion Bills

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 SF2347

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

IA HF2582

Replaced by 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

Replaced by 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 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.)

IA SF2347

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

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 SF544

A bill for an act providing for business organizations, including limited liability companies, providing penalties, and including effective date provisions.(Formerly SSB 1188.)

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.)