The members of any New Jersey company that is currently operating as a limited liability company (“LLC”) should endeavor to fully understand the impact of a law enacted in September 2012, the Revised Uniform Limited Liability Company Act (“Revised LLC Act”), which will eventually repeal the existing LLC act and replace it with one modeled after a uniform act in use in several other states. The bill was created in an attempt to fill gaps in New Jersey law regarding the operation of LLCs, as well as to update existing law that had become outdated.
The Revised LLC Act will go into effect in February 2013 for all new companies formed after that date, and, in February 2014, it will apply to all LLCs, whenever formed.
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