- Of Counsel
On March 18, 2013, the Revised Uniform Limited Liability Company Act (“RULLCA”) will take effect in the State of New Jersey. RULLCA contains significant changes to the existing limited liability company act, including changes to duties of managers and members, deviation from voting in proportion to ownership interest, new procedures for dissolution, and new provisions affecting the withdrawal of members.
The new law will immediately affect any limited liability company formed after March 18, 2013; however, all limited liability companies, even those formed prior to March 18, 2013, will become subject to RULLCA effective March 1, 2014. Limited liability companies formed prior to March 18, 2013 have the right to “opt-in” to RULLCA prior to March 1, 2014 and there may be meaningful reasons to consider such an undertaking.
Now is a good time to have an attorney review any New Jersey limited liability company in which you may have an ownership or managerial interest. While periodic “check-ups” are recommended as a matter of course, with these sweeping changes in the law, it is important to have any limited liability company and its operating agreement reviewed at this time to help ensure that your intended expectations are covered under the new law.
Nicholas is a member of the firm’s Business & Banking Practice Group and Real Estate Practice Group. Nick concentrates his practice in banking law, business formation, all aspects of business representation, and real estate. He will assist the firm’s Business & Banking Group in representing closely held businesses and local and national banks in business lending transactions as well as representing buyers and sellers of residential and commercial real estate.
On June 23, 2022, Mason, Griffin & Pierson, PC, Director, Edwin W. Schmierer, Esq., moderated a panel discussion presented by Affordable Housing Professionals of New Jersey (AHPNJ) concerning the status of affordable housing delivery for the Third Round and preparation for the Fourth Round which commences July 1, 2025. Mr. Schmierer is the President of AHPNJ. The panelists included a representative from the Fair Share Housing Center, former Executive Director of the New Jersey Housing and Mortgage Finance Agency, the Chief of Multifamily Program for NJHMFA and a professional planner who has served as a Special Court Master in 40 plus municipalities for the implementation of Third Round Affordable Housing Plans. Mr. Schmierer chairs the firm's Government Practice Group which represents over 30 municipal governing bodies, land use board and affordable housing committees throughout the State of New Jersey.