The CSL And Membership Interests In LLCs


Two decades ago, Bob Rizzi and I wrote an article for the California Business Law Reporter asking whether limited liability company legislation would ever be enacted in California. Only three years later, California enacted the Beverly-Killea Limited Liability Company Act, Corporations Code Section 17000 et seq. Stats. 1994, c. 1200 (SB 469).

As a member of the Senate Commission on Corporate Governance, Shareholder Rights and Securities Transactions, I participated in the drafting of the LLC act. Later, I entered state government during the period of time that SB 469 was wending its way through the legislature, serving initially as Deputy Secretary and General Counsel for the California Business, Transportation & Housing Agency. The Department of Corporations is part of the BT&H Agency and I had responsibility for policy for the Department. Later, I served as Commissioner of Corporations.

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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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