Revised Uniform LLC Act
The New Jersey Revised Uniform Limited Liability Company Act ("RULLCA") recently took full effect. Regardless of the date of the formation of the LLC (“Limited Liability Company”), the new law now governs all limited liability companies formed under and operating under the laws of the State of New Jersey. The law rescinds the prior limited liability company act. RULLCA contains significant changes to the old act. All limited liability companies formed or operating in New Jersey are encouraged to have their governing documents reviewed by legal counsel to avoid unintended consequences resulting from changes in the new law.
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