Oklahoma SB115 amends the reinstatement process for limited liability companies, exempting members or managers from personal liability if they were.
Oklahoma SB115 modifies the reinstatement process for limited liability companies that have ceased to be in good standing. It provides an exception to personal liability protections for members or managers who were unaware that the company had ceased to be in good standing, had its articles of organization canceled, or was not duly registered. The bill specifies that if the company does not have sufficient net assets to cover obligations at the time the member or manager bound the company to the liability, they may still be held personally liable.
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