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Minutes for HB2105 - Committee on Judiciary
Short Title
Updating laws concerning limited liability companies.
Minutes Content for Mon, Feb 4, 2019
Jason Thompson, Senior Assistant Revisor, provided an overview of HB2105. (Attachment 4) He addressed questions from the membership.
Edwin W. Hecker Jr. and William Matthews, on behalf of the Kansas Bar Association, testified as proponents of HB2105. The proposed bill seeks to bring the Kansas Revised Limited Liability Company Act (KRLLCA), and corresponding applicable provisions of the Business Entity Standard Treatment (BEST) Act, up to date with appropriate innovations adopted by Delaware since 2012, the year from which Kansas last updated the KRLLCA. The drafters have also sought to implement other legislative fixes and technical changes. Mr. Hecker explained how Delaware has been very successful at clarifying LLC law to attract businesses. Mr. Matthews explained his testimony today has three goals. First, he wishes to provide a brief background on the relationship between Kansas’s and Delaware’s business entity laws and the benefits Kansas has derived from that relationship. Second, he briefly highlighted those provisions of the proposed bill that he feels are most significant or innovative. Lastly, he notes several features of Delaware law that are not appropriate for Kansas to adopt, at least at this time. He explained all 3 of these in detail which is included in the attachment. Mr. Matthews and Mr. Hecker addressed questions from the membership. (Attachment 5)
Chairperson Patton adjourned the meeting at 5:06 pm.
