HB 308 — Georgia Limited Liability Company Act; certain technical corrections; clarify provisions
A BILL to be entitled an Act to amend Chapter 11 of Title 14 of the Official Code of Georgia Annotated, relating to limited liability companies, so as to amend the "Georgia Limited Liability Company Act"; to provide certain technical corrections to previously enacted legislation; to clarify certain provisions in the existing statute; to make certain provisions consistent with parallel provisions in the Georgia Business Corporations Code; to clarify the provisions governing the operating agreement of a limited liability company and its binding effect; to provide for automatic resignation of a registered agent following the dissolution of a limited liability company; to provide that statutory liability for wrongful distributions is based solely on violations of the statutory limitations on distributions; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.
House Date Signed by Governor