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Although existing in Europe and South America for decades, the American limited liability company (LLC) is a relatively recent innovation. LLCs are increasing in popularity and are being formed for a wide variety of reasons. Most commonly, they are formed to own and hold real estate and personal property, but they can also be formed to operate commercial businesses. In fact, in almost any instance where a person would have formed a corporation, partnership, or statutory trust, an LLC may and can be used for that same purpose today.
However, the first LLC statute was not enacted in the United States until 1977, and it wasn’t until 1992-1997 that 40 of the 51 jurisdictions finally passed their first LLC statutes. In turn, the LLC has really only existed as a significant business entity in this country for the past 20-30 years. With that in mind, this seminar reference guide will provide a roadmap to better understanding LLCs and their corresponding laws.
For instance, owners of an LLC are called members, and this business entity may be managed by some or all of its members. Or, it may be managed by one or more managers who are not members. Further, a contract, often referred to as an operating agreement, typically governs the regulation of all LLC affairs and must be agreed upon by the organization’s members.
The guide goes on to provide a further overview of LLCs and reviews statutory and case law that is relevant today, and those laws that may be pertinent in the future. It examines today’s state LLC acts to demonstrate how they govern formation, operation, and dissolution. This guide will also analyze how the statutes have changed over the years, why they have changed, and how they may further evolve in the future. It will then point out what issues the courts have addressed recently, how these issues have been resolved, and what issues courts may deal with more often in the future.
Watch the “LLC Law Today and Beyond” on-demand webinar or contact us at (844) 316-8948 (Toll free US).
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