An Analysis of the Revised Uniform Limited Liability Company Act
47 Pages Posted: 3 Aug 2007 Last revised: 8 May 2008
Date Written: July 29, 2007
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.
JEL Classification: K2
Suggested Citation: Suggested Citation