Limited liability companies; providing exception to personal liability protections for members or managers. Effective date.

SB 115 amends Oklahoma's limited liability company (LLC) law to clarify the process for LLCs that lost good standing due to missed annual filings or fees. It requires LLCs seeking reinstatement to file all overdue documents, pay outstanding fees, and submit a specific application to the Secretary of State. The bill ensures reinstatement retroactively restores the LLC's legal status as if it had never lost good standing, preserving its property rights and legal defenses. This directly affects Oklahoma LLCs that fell behind on annual requirements but wish to resume operations without losing their legal protections.