Senate committee substitute makes the following changes to the 1st edition.

Changes the long title.

Amends GS 57D-2-30(b), concerning operating agreements under the Limited Liability Act, to provide that the operating agreement may not supplant, vary, disclaim, or nullify the application of the Chapter to the extent the provisions concern the functions of government officials, agencies, or authorities, including Article 9 of GS Chapter 57D.

Amends GS 66-57.2 concerning inventions developed by employees, adding language that provides that an employer's vested ownership of an employee's invention is not subject to revocation or rescission if a dispute arises concerning payment of compensation or benefits to the employee, unless provided for otherwise in an employee's written employment agreement. Provides that this provision is not applicable in instances where ownership was acquired fraudulently. Makes organizational changes.

Changes the effective date to provide that the act is effective October 1, 2015, applying to operating agreements entered into on or after that date.