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CALIFORNIA CORPORATE & SECURITIES LAW

More Silliness In California’s Revised Uniform Limited Liability Company Act

Readers will know that I have been a frequent critic of California’s Revised Uniform Limited Liability Company Act, Cal. Corp. Code § 17701.01 et seq. In many cases, it is simply hard to believe that the legislature really intended what it enacted. See, e.g., How Confused Is This? California Defines LLCs Subject To New Law To Include…

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Governor Signs Bill Aimed At Fixing CARULLCA

Readers of this blog will know that I’ve been censorious of California’s Revised Uniform Limited Liability Company Act (CARULLCA), Corporations Code §§ 17701.01 – 17713.13.  The Partnership and Limited Liability Companies Committee of the Business Law Section of the California State Bar recognized the flaws in CARULLCA and worked on a bill, AB 506 (Maienschein), to fix its multifarious problems.…

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Uniform Voidable Transactions Act Becomes Law (Almost)

On June 2, 1897, the New York Journal famously quoted Samuel Clemens (aka Mark Twain) as saying “The report of my death was an exaggeration”.   This widely quoted (and misquoted) denial was a riposte to a story that appeared the day before in the New York Herald about the author’s imminent demise.  I had a similar…

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La Debacle – California’s Flawed Bid To Enact The NCCUSL’s LLC Act

For some time, I’ve been sounding the alarm against SB 323 (Vargas).  As introduced, this bill would have repealed California’s Beverly-Killea Limited Liability Company Act, Corporations Code Section 17000 et seq., and enact a version of the Uniform Limited Liability Company Act drafted by the National Conference of Commissioners on Uniform State Laws.  The revised…

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