Business as Usual - For Now: 2012 LLC Act Delayed Until at Least 2013

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Originally published in www.utahbusiness.com - July 2012.

In the December issue of Utah Business, we wrote an article outlining several key changes in Utah limited liability company law due to the Utah Legislature's passing of the Utah Revised Uniform Limited Liability Company Act. Instead of going into effect this July, the new law will not go into effect until July 1, 2013 for new LLCs and January 1,2015 for existing LLCs. For now, this means business as usual under the current law.

The new LLC law was one of three separate, uniform acts that were adopted in 2011, the other two being the Utah Uniform Partnership Act and the Utah Uniform Limited Partnership Act. While the new LLC law had been carefully reviewed and edited by local attorneys at the time of its passage, the partnership and limited partnership laws had not. In order to allow the Utah Legislature more time to seek input from local attorneys and draft partnership laws consistent with the new LLC law, the effective date of the new LLC law and the new partnership and limited partnership laws were moved forward one year.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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