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CALIFORNIA CORPORATE & SECURITIES LAW

The Limited Liability Company Agreement That Has No Name

Practitioners under California’s Revised Uniform Limited Liability Company Act will be familiar with the concept of an “operating agreement” (Cal. Corp. Code § 17701.02(s)).  Indeed, I expect that nearly every LLC formed under the CARULLCA has, or will have, some form of operating agreement.  Practitioners, however, may be unaware that the CARULLCA also contemplates the existence of…

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New LLC Act May Curtail Authority Of Managers Of Pre-Existing LLCs

California’s Revised Uniform Limited Liability Company Act (RULLCA) took effect on the first of this year.  The RULLCA repealed California’s first LLC law – the Beverly-Killea Limited Liability Company Act.  The forced subjugation of pre-existing LLCs to the RULLCA is subject to constitutional question.  See Legislature Shuts The Barn Door After The Horse Has Bolted And Then…

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