{"id":2296,"date":"2024-05-12T03:13:39","date_gmt":"2024-05-12T07:13:39","guid":{"rendered":"https:\/\/www.hpindiana.law\/business-blog\/?p=2296"},"modified":"2025-02-14T15:55:26","modified_gmt":"2025-02-14T20:55:26","slug":"new-indiana-statute-regarding-single-member-llcs","status":"publish","type":"post","link":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/","title":{"rendered":"New Indiana Statute Regarding Single-Member LLCs"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-2359\" src=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278-300x200.jpg\" alt=\"Form of Inventory of Probate Assets\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278-300x200.jpg 300w, https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278-180x120.jpg 180w, https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278.jpg 724w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>On March 13, 2024, the Indiana Governor signed <a href=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/SB0018.04.ENRH_-1.pdf\" target=\"_blank\" rel=\"noopener\">Senate Enrolled Act 18<\/a>, which, among other things, amends the Indiana Business Flexibility Act with the goal of addressing problems that can arise from the death of the sole member of a limited liability company. The following article is based on our analysis and understanding of SEA 18, particularly Sections 2 and 3.<\/p>\n<p><strong>Basic LLC Principles: Interest versus Membership<\/strong><\/p>\n<p>Understanding SEA 18 requires an understanding of the difference between LLC interest and membership.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/\"  title=\"Continue Reading New Indiana Statute Regarding Single-Member LLCs\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On March 13, 2024, the Indiana Governor signed Senate Enrolled Act 18, which, among other things, amends the Indiana Business Flexibility Act with the goal of addressing problems that can arise from the death of the sole member of a limited liability company. The following article is based on our analysis and understanding of SEA [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12],"tags":[42,44,46,50],"class_list":["post-2296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indiana-general-assembly","category-limited-liability-companies","tag-limited-liability-company","tag-llc","tag-llc-member","tag-no-members"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Indiana Statute Regarding Single-Member LLCs &#8212; Indiana Business Law Blog &#8212; May 12, 2024<\/title>\n<meta name=\"description\" content=\"On March 13, 2024, the Indiana Governor signed Senate Enrolled Act 18, which, among other things, amends the Indiana Business Flexibility Act with the &#8212; May 12, 2024\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael R. Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Indiana Statute Regarding Single-Member LLCs &#8212; Indiana Business Law Blog &#8212; May 12, 2024","description":"On March 13, 2024, the Indiana Governor signed Senate Enrolled Act 18, which, among other things, amends the Indiana Business Flexibility Act with the &#8212; May 12, 2024","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/","twitter_misc":{"Written by":"Michael R. Smith","Est. reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#article","isPartOf":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/"},"author":{"name":"Michael R. Smith","@id":"https:\/\/www.hpindiana.law\/business-blog\/#\/schema\/person\/22651dd1a387f83ca7560f7eba353e29"},"headline":"New Indiana Statute Regarding Single-Member LLCs","datePublished":"2024-05-12T07:13:39+00:00","dateModified":"2025-02-14T20:55:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/"},"wordCount":2633,"image":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278.jpg","keywords":["limited liability company","LLC","LLC member","no members"],"articleSection":["Indiana General Assembly","Limited Liability Companies"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/","url":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/","name":"New Indiana Statute Regarding Single-Member LLCs &#8212; Indiana Business Law Blog &#8212; May 12, 2024","isPartOf":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#primaryimage"},"image":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278.jpg","datePublished":"2024-05-12T07:13:39+00:00","dateModified":"2025-02-14T20:55:26+00:00","author":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/#\/schema\/person\/22651dd1a387f83ca7560f7eba353e29"},"description":"On March 13, 2024, the Indiana Governor signed Senate Enrolled Act 18, which, among other things, amends the Indiana Business Flexibility Act with the &#8212; May 12, 2024","breadcrumb":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#primaryimage","url":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278.jpg","contentUrl":"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/05\/iStock-1429407278.jpg","width":724,"height":483,"caption":"Probate form for Inventory of Estate Assets"},{"@type":"BreadcrumbList","@id":"https:\/\/www.hpindiana.law\/business-blog\/new-indiana-statute-regarding-single-member-llcs\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.hpindiana.law\/business-blog\/"},{"@type":"ListItem","position":2,"name":"New Indiana Statute Regarding Single-Member LLCs"}]},{"@type":"WebSite","@id":"https:\/\/www.hpindiana.law\/business-blog\/#website","url":"https:\/\/www.hpindiana.law\/business-blog\/","name":"Indiana Business Law Blog","description":"Published by Indianapolis Corporate Attorneys \u2014 Harshman Ponist Smith &amp; Rayl, LLC","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.hpindiana.law\/business-blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.hpindiana.law\/business-blog\/#\/schema\/person\/22651dd1a387f83ca7560f7eba353e29","name":"Michael R. 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