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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 115 By: Rader
58	58
59	59
60	60
61	61
62	62
63	63	AS INTRODUCED
64	64
65	65	An Act relating to limited liability companies;
66	66	amending 18 O.S. 2021, Section 2055.3, as amended by
67	67	Section 22, Chapter 121, O.S.L. 20 24 (18 O.S. Supp.
68	68	2024, Section 2055.3), which relates to reinstatement
69	69	of limited liability company; providing exception to
70	70	personal liability protections for members or
71	71	managers; updating statutory reference; and providing
72	72	an effective date.
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. AMENDATORY 18 O.S. 2021, Section 2055.3, as
79	79	amended by Section 22, Chapter 121, O.S.L. 2024 (18 O.S. Supp. 2024,
80	80	Section 2055.3), is amended to read as follows:
81	81	Section 2055.3.
82	82	REINSTATEMENT OF A LIMITED LIABILITY COMPANY OR REGISTERED SERIES
83	83	A. A domestic limited liability company or registered series
84	84	not in good standing for failure to file an annual certificate and
85	85	pay the annual certificate fees or registered agent fees, including
86	86	a domestic limited liability company or registered series whos e
87	87	articles of organization or registered series have been canceled
88	88	under subsection B of Section 2012.1 of this title, or a foreign
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140	140	limited liability company or registered series whose registration
141	141	was withdrawn for failure to file an annual certificate and pay the
142	142	annual certificate fees or registered agent fees may apply to the
143	143	Secretary of State for reinstatement by:
144	144	1. Filing all delinquent annual certificates with the Secret ary
145	145	of State and paying all delinquent annual certificate fees or paying
146	146	all delinquent registered agent fees to the Secretary of State; and
147	147	2. Filing an application for reinstatement with the Secretary
148	148	of State stating its name at the time it ceased to b e in good
149	149	standing or was withdrawn, the date it ceased to be in good standing
150	150	or was withdrawn, and its current name, if its name at the time it
151	151	ceased to be in good standing or was withdrawn is no longer
152	152	available under Section 2008 or 2045 of this title .
153	153	If the Secretary of State determines that the application
154	154	contains the required information, the information is correct, all
155	155	delinquent certificates or other filings are submitted, all
156	156	delinquent fees are paid, and the name satisfies the requirements of
157	157	Section 2008 or 2045 of this title, the Secretary of State shall
158	158	accept the application for reinstatement and issue a certificate of
159	159	reinstatement in the manner provided in Section 2007 of this title
160	160	for domestic limited liability companies, Section 14 2054.5 of this
161	161	act title for domestic registered series, or Section 2044 of this
162	162	title for foreign limited liability companies or foreign registered
163	163	series. If the limited liability company or registered series is
164	164
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215	215	required to change its name because its name at the time it ceased
216	216	to be in good standing or was withdrawn is no longer available,
217	217	acceptance of the reinstatement shall constitute an amendment to the
218	218	domestic limited liability company ’s articles of organization or the
219	219	domestic registered series ’ articles of registered series to change
220	220	its name or the adoption of a fictitious name by the foreign limited
221	221	liability company or registered series, as applicable. The
222	222	application for reinstatement may amend the articles of organization
223	223	of the domestic limit ed liability company or the articles of
224	224	registered series of the registered series or the application for
225	225	registration of the foreign limited liability company or registered
226	226	series, subject in either case to the payment of the additional fee
227	227	required in Section 2055 of this title for amendments; provided,
228	228	that the application may no t extend the term of a limited liability
229	229	company or registered series that had expired before the application
230	230	for reinstatement. For purposes of this section, a foreign limited
231	231	liability company or registered series applying for reinstatement is
232	232	deemed to have done business continually in the state following the
233	233	administrative withdrawal.
234	234	B. When reinstatement under this section has become effective,
235	235	the reinstatement relates ba ck to and takes effect as if the
236	236	domestic limited liability company or registe red series had never
237	237	ceased to be in good standing and as if its articles of organization
238	238	or articles of registered series, as the case may be, had never been
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290	290	canceled, or as if the foreign limited liability or registered
291	291	series registration was never withdrawn.
292	292	C. The failure of a domestic limited liability company or
293	293	registered series or foreign limited liability company or registered
294	294	series to file an annual certificate and pa y an annual certificate
295	295	fee or a registered agent fee to the Secretary of Stat e shall not
296	296	impair the validity on any contract, deed, mortgage, security
297	297	interest, lien or act of the domestic limited liability company or
298	298	registered series or foreign limited liability company or registered
299	299	series or prevent the domestic limited liability company or
300	300	registered series or foreign limited liability company or registered
301	301	series from defending any action, suit or proceeding with any court
302	302	of this state.
303	303	D. All real and personal property, and all rights and
304	304	interests, which belonged to the do mestic limited liability company
305	305	or registered series at the time its articles of organization or
306	306	articles of registered series, as the case may be, were canceled or
307	307	which were acquired by the limited liability company or registered
308	308	series after cancellation, and which were not disposed of before its
309	309	reinstatement, shall be vested in the limited liability company or
310	310	registered series after its reinstatement as fully as they were h eld
311	311	by the limited liability company or registered series at, and after,
312	312	as the case may be, the time its articles of organization or
313	313	articles of registered series were canceled.
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365	365	E. A member or manager of a domestic limited liability company
366	366	or registered series or foreign limited liability company or
367	367	registered series is not liable for the debts, obligations or
368	368	liabilities of the domestic limited liability company or registered
369	369	series or foreign limited liability company or registered series
370	370	solely by reason of the failure of the domestic limited liability
371	371	company or registered ser ies or foreign limited liability company or
372	372	registered series to file an annual certificate and pay an annual
373	373	certificate fee or a registered agent fee to the Secretary of State
374	374	or by reason of the domestic limited liability company or registered
375	375	series ceasing to be in good standing or its articles of
376	376	organization or articles of registered series being canceled or the
377	377	foreign limited liability company or registered series ceasing to be
378	378	duly registered, unless the member or manager knew or should have
379	379	known that the company ceased to be in good standing, that the
380	380	articles of organization had been canceled, or that the company
381	381	ceased to be duly registered, and the limited liability company does
382	382	not have sufficient net assets to cover the obligations at the time
383	383	the member or manager bound the company to the liability .
384	384	SECTION 2. This act shall become effective November 1, 2025.
385	385
386	386	60-1-70 TEK 12/26/2024 10:21:33 AM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB115 Compare Versions