The Revised Uniform Limited Liability Act (On-Demand)

$169.00

This course will present an overview of the ULLCA and point out the parts of the Act which significantly change its predecessors. These changes include accommodation of the IRS “check the box” rule, new provisions addressing fiduciary duty, and several other new provisions. You will also get an update on which states have adopted the new statute. Finally, we will briefly discuss some of the variations we are seeing among the states, e.g., Delaware’s series LLC.


If you’re unable to participate in this Live Webinar, this course is also available On-Demand.

Definitions

Live Webinar/Rebroadcast – The live course is available on the webinar date and time listed below.
On-Demand – The original video and course material is available and accessible at your convenience.


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Event Details

Course Type

Course Instructor

Kenneth Sprang, Esq.

Original Date Of Course

General Credits

2

Course Description

The first Uniform Limited Liability Company Act (“ULLCA”) is now 25 years old. It was conceived in 1992 and completed in 1994. The original Act relied heavily on the Revised Uniform Partnership Act and the Revised Uniform Limited Liability Partnership Act, as well as the Model Business Corporation Act. A lot has changed in the intervening 25 years.

This course will present an overview of the ULLCA and point out the parts of the Act which significantly change its predecessors. These changes include accommodation of the IRS “check the box” rule, new provisions addressing fiduciary duty, and several other new provisions. You will also get an update on which states have adopted the new statute. Finally, we will briefly discuss some of the variations we are seeing among the states, e.g., Delaware’s series LLC.

Principles

  • New tax provisions which impact LLCs
  • Elimination of the “shelf” LLC
  • Replacing the “ordinary care/business judgment rule” with a duty to refrain from grossly negligent, intentional, or reckless conduct
  • Treatment of charging orders with regard to a single member LLC
  • An update on the adoption of the new statute
  • A brief look at some state variations

Syllabus

  1. An overview of the evolution of the current statute
  2. Discussion of some of the problems which the new statute seeks to address
  3. An overview of the new uniform act
  4. A closer look at the major changes between the last version and the current one
  5. A brief look at some current issues affecting LLCs

Instructor

Kenneth Sprang, Esq.

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