In March of this year, Alabama adopted a new limited liability company law under the name of the Alabama Limited Liability Company Law of 2014 (Act No. 2014-144). The new act will apply to LLCs formed after January 1, 2015. For LLCs formed before January 1, 2015, the law will be applicable to them after January 1, 2017, unless the members elect to be subject to the new law.
Jack Stephenson served on the Advisory Committee of the Alabama Law Institute that drafted the new law. The drafting process extended over a period of five years during which time the Committee compared the current Alabama law to the Revised Uniform Limited Liability Company Act, the ABA's Revised Prototype Limited Liability Company Act as well as laws of other states The Committee tried to select the best provisions from these sources for the new law. The new act represents a significant improvement to the existing law and is unique to Alabama. The following summarizes some of the highlights in the new law...
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