Hot off the press: An Analysis of the Revised Uniform Limited Liability Company Act

The published version of my study of RULLCA, appearing in the Virginia Law and Business Review, is must reading for lawyers thinking about adopting the Act in their states. My advice in a nutshell: don’t.

And by the way, as with its sparsely adopted predecessor, the moniker “uniform” is an aspiration rather than a description, and not a very realistic one at that. Promulgated in 2006, RULLCA is so far uniformly the law all over Idaho.

If you want some guidance, states like Delaware and Virginia have been polishing their LLC acts for years. Also, an American Bar Association subcommittee is working on a Revised Prototype LLC Act which promises to be a far superior model than this product of the National Conference of Commissioners on Uniform State Laws.