An Analysis of the Revised Uniform Limited Liability Company Act

47 Pages Posted: 3 Aug 2007 Last revised: 8 May 2008

See all articles by Larry E. Ribstein

Larry E. Ribstein

University of Illinois College of Law (deceased); PERC - Property and Environment Research Center

Date Written: July 29, 2007

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.

JEL Classification: K2

Suggested Citation

Ribstein, Larry Edward, An Analysis of the Revised Uniform Limited Liability Company Act (July 29, 2007). U Illinois Law & Economics Research Paper No. LE07-027. Available at SSRN: https://ssrn.com/abstract=1003805

Larry Edward Ribstein (Contact Author)

University of Illinois College of Law (deceased)

PERC - Property and Environment Research Center

2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

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