{"id":309,"date":"2013-01-29T06:35:12","date_gmt":"2013-01-29T06:35:12","guid":{"rendered":"http:\/\/www.michaelsmithlaw.com\/blog\/2013\/01\/proposed-changes-to-indiana-ll.html"},"modified":"2023-11-28T13:43:26","modified_gmt":"2023-11-28T18:43:26","slug":"proposed-changes-to-indiana-ll","status":"publish","type":"post","link":"https:\/\/www.hpindiana.law\/business-blog\/proposed-changes-to-indiana-ll\/","title":{"rendered":"Proposed Changes to Indiana LLC Statute"},"content":{"rendered":"<p>Statutes governing <a href=\"https:\/\/businesslaw.hpindiana.law\/corporate-law-and-llc-law.html\">limited liability companies<\/a>, or LLCs, vary considerably from state to state. In our opinion, <a href=\"https:\/\/law.justia.com\/codes\/indiana\/2012\/title23\/article18\/\" target=\"_blank\" rel=\"noopener\">Indiana&#8217;s statute<\/a> is already among the best in the country, and a bill introduced in the 2013 session of the <a href=\"https:\/\/iga.in.gov\/\" target=\"_blank\" rel=\"noopener\">Indiana General Assembly<\/a> proposes several changes that would make it even better for small business owners, particularly family-owned businesses. Among other things, <a href=\"https:\/\/iga.in.gov\/\" target=\"_blank\" rel=\"noopener\">HB 1394<\/a>, introduced by<a href=\"https:\/\/www.in.gov\/h40\/\" target=\"_blank\" rel=\"noopener\"> Rep. Greg Steuerwald <\/a>(R Avon) would:<\/p>\n<ul>\n<li>Eliminate the possibility that a creditor of a member can take over the member&#8217;s voting rights<\/li>\n<li>Allow a membership interest to be held in <a href=\"https:\/\/legal-dictionary.thefreedictionary.com\/Joint+Tenancy\" target=\"_blank\" rel=\"noopener\">joint tenancy with the right of survivorship<\/a><\/li>\n<li>Allow a membership interest to be designated as &#8220;<a href=\"https:\/\/law.justia.com\/codes\/indiana\/2012\/title32\/article17\/chapter14\/\" target=\"_blank\" rel=\"noopener\">transfer on death<\/a>&#8221; property<\/li>\n<li>Expressly provide for LLC officers<\/li>\n<\/ul>\n<p>Later posts will discuss these proposed changes in more detail, including a few suggestions for possible revisions to the bill that would make it even better. In the meantime, however, small business owners in Indiana may want to <a href=\"https:\/\/iga.in.gov\/\" target=\"_blank\" rel=\"noopener\">contact <\/a>their state representatives and senators urging them to support HB 1394.<br \/>\n <a href=\"https:\/\/www.hpindiana.law\/business-blog\/proposed-changes-to-indiana-ll\/#more-309\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statutes governing limited liability companies, or LLCs, vary considerably from state to state. In our opinion, Indiana&#8217;s statute is already among the best in the country, and a bill introduced in the 2013 session of the Indiana General Assembly proposes several changes that would make it even better for small business owners, particularly family-owned businesses. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12,18],"tags":[],"class_list":["post-309","post","type-post","status-publish","format-standard","hentry","category-indiana-general-assembly","category-limited-liability-companies","category-small-businesses"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Proposed Changes to Indiana LLC Statute &#8212; Indiana Business Law Blog &#8212; January 29, 2013<\/title>\n<meta name=\"description\" content=\"Statutes governing limited liability companies, or LLCs, vary considerably from state to state. In our opinion, Indiana&#039;s statute is already among the &#8212; January 29, 2013\" \/>\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\/proposed-changes-to-indiana-ll\/\" \/>\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=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Proposed Changes to Indiana LLC Statute &#8212; Indiana Business Law Blog &#8212; January 29, 2013","description":"Statutes governing limited liability companies, or LLCs, vary considerably from state to state. In our opinion, Indiana's statute is already among the &#8212; January 29, 2013","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\/proposed-changes-to-indiana-ll\/","twitter_misc":{"Written by":"Michael R. Smith","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.hpindiana.law\/business-blog\/proposed-changes-to-indiana-ll\/#article","isPartOf":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/proposed-changes-to-indiana-ll\/"},"author":{"name":"Michael R. 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