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November 8, 2011
The Revised Uniform Limited Liability Company Act signed in September by Gov. Chris Christie became effective today for all LLCs formed in New Jersey on or after this date. For LLCs formed before today, the new rules will apply beginning March 1, 2014.
“There weren’t a lot of precedents back then in how to prepare a statute,” he said. “This makes it more complete in the issues it covers. The prior statute left a lot to speculation.”
The changes allow partners to report business income as personal income, while offering corporate-style liability protections for their partners. The changes include eliminating the default — and often overlooked — rule that LLCs have a limited life; permitting LLC operating agreements to be oral, written or implied, based on how the LLC has operated; allocated LLC profits and losses on a per capita basis, unless otherwise agreed; and allowing an LLC member to seek to dissolve the company if its managers are acting in a manner harmful to the member.
http://www.njbiz.com/article/20130318/NJBIZ01/130319825?goback=%2Egmp_3809243%2Egde_3809243_member_223933381