New Jersey Overhauls Limited Liability Company Act

by Bob Marsico on October 8, 2012

New Jersey’s limited liability companies will now be able to operate more freely under modernized rules recently signed into law by Governor Chris Christie. The law is modeled after the Revised Uniform Limited Liability Company Act adopted by the National Conference of Commissioners on Uniform State Laws and is intended to make New Jersey more business friendly to LLCs.

The Revised Uniform Limited Liability Company Act is the first significant overhaul since the New Jersey Limited Liability Act was enacted in 1993. The changes were recommended by the Red Tape Review Commission, which we have previously discussed on this New Jersey business law blog.