Connecticut overhauls LLC Act
Connecticut legislators voted in July 2017 to adopt the Connecticut Uniform Limited Liability Company Act. Modeled after the Revised Uniform Limited Liability Company Act (the Uniform Act) approved by the American Bar Association, the New LLC Act is the first major revision of the Connecticut LLC Act since it was passed in 1993.
The New LLC Act allows many terms of current LLC operating agreements to stand, but also changes the laws applicable to currently existing Connecticut LLCs. It applies to all LLCs formed in the State. In addition, the Connecticut General Assembly passed subsequent amendments affecting LLCs and corporations under Public Act 17-108, “An Act Concerning Limited Liability Companies and Business Corporations,” that amended the New LLC Act provisions.
These and other important changes have been captured in the 2018 Edition of Connecticut & Rhode Island Laws Governing Business Entities. With up-to-date annotated business entity legislation for Connecticut and Rhode Island, as well as other valuable features that make your legal research faster and more efficient, this all-new publication is a valuable resource for the legal and business communities in the New England area.
The 2018 edition includes over 50 recently amended or added sections in the Connecticut General Statutes, including the newly codified Connecticut Uniform Limited Liability Company Act. Attorney Nancy A. D. Hancock of Pullman & Comley, LLC has prepared an informative summary of the changes made to the Connecticut business laws.
New case notes from state and federal courts interpreting the law have been added since last year’s edition, as well as four full-text cases concerning recent legal developments regarding deepening insolvency, right of first refusal, dissolution of a partnership, and shareholder standing.
Workers’ cooperatives legislation in Rhode Island
Also included are over two dozen newly added or amended sections in the General Laws of Rhode Island, including the new chapter on Workers’ Cooperatives. This innovative legislation creates a statutory vehicle for forming and managing workers’ cooperatives designed to incentivize workers to launch businesses governed and operated by their own employees. Other changes include legislation addressing good standing filings for Rhode Island LLCs, tax withholdings for pass-through entities and the sale or transfer of assets of a domestic corporation. A legislative summary provides an overview of the changes.
The companion CD-ROM contains over 140 forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all business entity types in Connecticut and the Rhode Island. A listing of the forms and contact information for the jurisdictions can be found in the book’s appendix.
Connecticut and Rhode Island Laws Governing Business Entities is available as a softbound book or as an ebook, compatible with dedicated e-reader devices, computers, tablets and smartphones that use e-reader software or applications. It is also available on the LexisNexis Digital Library.
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