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

SB 115 amends Oklahoma law to create a specific exception to personal liability protections for members or managers of limited liability companies (LLCs). It states that members or managers may be held personally liable for an LLC's debts if they knew (or should have known) the LLC had lost good standing due to failure to file annual reports or pay required fees, and the LLC lacked sufficient assets to cover the obligation at the time the debt was incurred. This change does not affect the general rule that LLC members typically cannot be held personally liable for company debts. The bill takes effect on November 1, 2025.