California Revised Uniform Limited Liability Company Act

On September 21, 2012, the California Revised Uniform Limited Liability Company Act (the “RULLCA”) was signed into law. RULLCA will take effect on January 1, 2014 and will apply to all existing California limited liability companies (LLCs) and foreign LLCs registered with the Secretary of State as of that date. The California Revised Uniform Limited Liability Company Act will replace California’s current LLC law, the Beverly-Killea Limited Liability Company Act, in its entirety. This is a major development in California business law as the the Beverly-Killea Limited Liability Company Act had not been significantly changed since its 1994 enactment. As always, do not hesitate to contact us if you have any concern about how this new law will affect your business. In future articles, we will discuss RULLCA’s effect on current practices.