Bill Text: SC H4275 | 2023-2024 | 125th General Assembly | Introduced
Bill Title: LLC Operating Agreement
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced) 2023-04-05 - Referred to Committee on Judiciary [H4275 Detail]
Download: South_Carolina-2023-H4275-Introduced.html
South Carolina General Assembly
125th Session, 2023-2024
Bill 4275
Indicates Matter Stricken
Indicates New Matter
(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)
A bill
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 33-44-409, RELATING TO GENERAL STANDARDS OF MEMBER'S AND MANAGER'S CONDUCT, SO AS TO PROVIDE AN EXCEPTION TO A MEMBER'S DUTY OF LOYALTY UNDER CERTAIN CIRCUMSTANCES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 33-44-409(b)(3) of the S.C. Code is amended to read:
(3) to refrain from competing with the company in the conduct of the company's business before the dissolution of the company. The item does not apply when a member is also a member of another LLC and there is not an enforceable noncompete provision in the operating agreement.
SECTION 2. This act takes effect upon approval by the Governor.
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This web page was last updated on April 05, 2023 at 02:02 PM
