One Year Later – RULLCA’s Effect on Existing Limited Liability Companies

California enacted the Revised Uniform Limited Liability Company Act (“RULLCA” or “Act”) on January 1, 2014 which incorporated a few significant changes to the rules governing limited liability companies (“LLCs”).   All acts and transactions of existing LLCs that occur on or after January 1, 2014 are controlled by RULLCA, particularly in situations where the LLC’s existing operating agreement is silent. …

Updating Your LLC Operating Agreement

As of January 1, 2014, the California Revised Uniform Limited Liability Company Act (“RULLCA”) [Corp Code 17701.01 et seq] will take effect and automatically apply to all existing and newly formed limited liability companies (“LLCs”).  All acts, contracts or transactions of a new or existing LLC that take place or are entered into on or after January 1, 2014 will …