Limited Liability Companies in Kansas

The Kansas Limited Liability Company Act (the Act) is now over three years old and has been amended twice since its original enactment in 1990. The Act authorizes creation of a relatively new form of business organization, a limited liability company (LLC), which offers the possibility of combining the limitation on individual liability normally associated with the corporate form with teh conduit tax treatment of items of income, gain, loss, deduction and credit normally associated with partnership form. The purpose of this article is to discuss generally the main provisions of the Act as they relate to the creation, operation, and dissolution of an LLC in Kansas