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

SB 476 clarifies Oklahoma's process for reinstating limited liability companies (LLCs) that lost good standing due to missed annual filings or fees. It ensures that once reinstated, an LLC's legal status is treated as if it never ceased operating, preserving all existing contracts, property rights, and legal defenses. This directly affects LLCs (including foreign entities) that need to regain good standing after administrative withdrawal. The bill specifically updates statutes to make reinstatement retroactive, so the LLC’s rights and obligations remain fully intact as if no lapse occurred.