News & Analysis as of

Fiduciary Duty Revised Uniform Limited Liability Company Act

Patton Sullivan Brodehl LLP

LLC Managers: No Immunity for Bad Faith Conduct

Under the “default” rules of most limited liability company laws, including California’s Revised Uniform Limited Liability Company Act, LLC managers owe fiduciary duties to the LLC and its members.  Those default fiduciary...more

Patton Sullivan Brodehl LLP

Why LLC Managers Should Take Member “Books and Records” Requests Seriously

Under California’s Revised Limited Liability Company Act (“RULLCA”), LLC participants have substantial freedom to structure their relationship in a customized manner under their governing operating agreement.  But one of the...more

Allen Matkins

Why RULLCA Cabins The Duty Of Loyalty

Allen Matkins on

I always enjoy hearing from readers of this blog, although I must admit that I enjoy it more when they are not pointing out an error. Last Friday, I noted that Professor Douglas K. Moll was questioning why California's...more

Allen Matkins

Is a Trustee Ever Just A Trustee?

Allen Matkins on

Trusts are confusing. Fundamentally, a trust describes a relationship, not a person. Thus, the California Supreme Court has described a trust as “a fiduciary relationship with respect to property in which the person holding...more

Mintz

Implications of the New California LLC Act

Mintz on

On January 1, 2014, a new law governing limited liability companies (“LLCs”) went into effect in California. The California Revised Uniform Limited Liability Company Act (“RULLCA”)1 superseded in its entirety the prior...more

Blank Rome LLP

California’s Revised Uniform Limited Liability Company Act

Blank Rome LLP on

A new California law governing limited liability companies became effective as of January 1, 2014. The California Revised Uniform Limited Liability Company Act (RULLCA) makes significant changes in the rights and...more

Nossaman LLP

What Every California LCC Needs To Know About California's New Revised Uniform Limited Liability Company Act

Nossaman LLP on

New changes to California's limited liability company law affect many of the rules governing operation of limited liability companies ("LLCs"). These changes include the default provisions that automatically apply when the...more

Katten Muchin Rosenman LLP

A Summary of the New California LLC Law

Effective January 1, 2014, the existing limited liability company (LLC) statute in California (the “Old Act”) will be replaced by the California Revised Uniform Limited Liability Company Act (RULLCA). Actions taken by...more

Sheppard Mullin Richter & Hampton LLP

Potential Challenges Associated With California's Revised Uniform Limited Liability Company Act Scheduled to Take Effect on...

On September 21, 2012, S.B. 323, the California Revised Uniform Limited Liability Company Act (known as the RULLCA), was signed into law by Governor Jerry Brown and is scheduled to take effect on January 1, 2014. ...more

Sheppard Mullin Richter & Hampton LLP

California's Revised Uniform Limited Liability Company Act

The California Revised Uniform Limited Liability Company Act (RULLCA) was signed into law by Governor Jerry Brown in September 2012. Intended to come into effect on January 1, 2014, RULLCA replaces the Beverly-Killea Limited...more

Allen Matkins

Bill Would Mandate Indemnification Of LLC Agents

Allen Matkins on

California’s current limited liability act permits indemnification of any person (including any manager, member, officer, employee, or agent of the limited liability company) against judgments, settlements, penalties, fines,...more

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