Revised Uniform Limited Liability Company Act

Limited liability companies have been around since the mid-1990s and law and practice regarding this type of business entity has been rapidly evolving. Progress has been slow at time due to the lack of a widely accepted model statute that could be followed by the various states.  In July 2006, a new Revised Uniform Limited Liability Company Act (the “RULLCA”) was adopted and states are now beginning to consider this model act as a foundation for changes to their LLC statutes.  This report summarizes key aspects of the RULLCA and provides a basic checklist of steps to be taken to form and organize an LLC.

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