An Analysis of the Revised Uniform Limited Liability Company Act

Abstract:     
In December, 2006, the National Conference of Commissioners on Uniform State Laws promulgated a Revised Uniform Limited Liability Company Act (RULLCA). This article analyzes RULLCA's most important changes from the prior (1994) version of the Uniform Limited Liability Company Act. In general, these provisions raise significant questions and threaten to impose substantial risks and costs on limited liability companies. The article concludes that there is little reason for states to adopt the Act, and that practitioners should be wary about advising clients to form under it.

Number of Pages in PDF File: 47

JEL Classification: K2

Accepted Paper Series