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.
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