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LLC Act

New Jersey Revised Uniform Limited Liability Company Act

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.

  • Communities of Light December 2nd

    Womanspace's Annual Communities of Light Event on December 2nd is a public awareness project and fundraising campaign to benefit victims and survivors of domestic violence and sexual assault. Edwin Schmierer, Director with Mason, Griffin & Pierson is a member of the Board of Directors of Womanspace and the firm is a sponsor of the event. More information at womanspace.org

  • Dottie's House Holiday Party

    Mason, Griffin & Pierson is a sponsor for the December 5th Holiday Super 50/50 Raffle & Cocktail Party. This year's celebration takes place at River Rock Restaurant & Marina Bar in Brick, New Jersey. Dottie's House provides programs and services for survivors of domestic violence. For more information go to dottieshouse.org

  • MG&P Supports Local Youth Basketball

    Mason, Griffin & Pierson continues its support of youth basketball programs in the community. For more information on the Dillon Youth Basketball League go to the Princeton Recreation Department at leaguelineup.com. For information on the Montgomery Basketball Association go to montgomerybasketball.com

  • Toys for Tots

    The staff of Mason, Griffin & Pierson is pleased be part of the effort to collect new, unwrapped toys for children this holiday season. Toys of Tots is a program run by the United States Marine Corps Reserve which distributes toys to children in need. To add to MG&P's collection, you can drop off toys at our office by Friday December 6, or for more information go to toysfortots.org