On September 21, 2012 Governor Jerry Brown signed into law Senate Bill No. 323- the California Revised Uniform Limited Liability Company Act (RULLCA). RULLCA will take effect January 1, 2014 and will apply to all existing California LLC’s in addition to all foreign LLC’s registered with the Secretary of State.
It entirely replaces the current California law governing LLCs- the Beverly-Killea Limited Liability Company Act. and will be codified as new Title 2.6 of the California Corporations Code at §§17701.01-17713.06.
The new law will not require any LLCs to file any new or additional forms with the State.
Most notably the revised rules include new default rules to become effective if the operating agreement (whether oral, written or implied) is silent.
The full text of the RULLCA is available here.
Author: Jennifer Trowbridge, Stoecklein Law Group, LLP