AI-assisted research summary: A limited liability company may do what is necessary or convenient for its business, and regulating boards keep authority and duty to license and regulate professional-service providers.
275.010 Powers of limited liability companies. (1) Except as otherwise set forth in this chapter or unless the articles of organization or operating agreement provide otherwise, every limited liability company shall have the powers to do all things necessary or convenient to carry out its business and affairs. (2) A limited liability company is a legal entity distinct from its members. (3) Professional limited liability companies shall be governed by the laws, whether statutory or common law, applicable to other limited liability companies. Except for those provisions concerning the personal liability of members, managers, employees, and agents of a limited liability company, nothing in this chapter shall restrict, limit, or expand in any manner the authority and duty of any regulating board to: (a) License individual persons providing professional services; and (b) Regulate the practice of persons providing professional services which are within the jurisdiction of the regulating board, even though the persons are members, managers, employees, or agents of a professional limited liability company, or provide professional services through a professional limited liability company, including the establishment of regulations concerning: 1. The qualifications of members or managers of a professional limited liability company; 2. The transfer of limited liability company interests in a professional limited liability company; or 3. The provision of one (1) or more professional services through a professional limited liability company. Effective: July 15, 2010 History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 92, effective July 15, 2010. -- Amended 2007 Ky. Acts ch. 137, sec. 92, effective June 26, 2007. -- Created 1994 Ky. Acts ch. 389, sec. 2, effective July 15, 1994. Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, "The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section."