California’s Beverly-Killea Limited Liability Company Act (Cal. Corporations Code Section 17000 et seq.) is set to expire on January 1, 2014. It will be replaced by the California Revised Uniform Limited Liability Company Act, which will regulate limited liability companies (“LLC”) after January 1, 2014. The new Act will apply to all LLCs within California; however, LLCs do not have file a new form or do anything in order to fall within the new Act.
The new Act will have a more extensive set of default rules when an LLC operating agreement is silent. The Revised Uniform Limited Company Act will also make California fall in line with other states that have adopted similar statutes, which should facilitate multi-state LLCs. Although substantively the law will not change dramatically, there will be a number of new changes. I will have more information about the changes in upcoming blog entries.
Attorney Anthony Marinaccio is able to advise you on forming, operating, or dissolving a LLC. Please call Anthony at (818) 839-5220 to set up a free initial consultation.