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New Jersey – Revised Uniform Limited Liability Company Act effective March 21

Assembly Bill 1543 signed by the governor September 21 and effective March 21, 2013 enacted the Revised uniform Limited Liability Company Act (RULLCA) which will govern all LLCs formed after March 21 and effective April 1, 2014 will apply to all New Jersey LLCs whenever formed.  RULLCA is a series of “default rules” that govern the relations among the members in situations they have not addressed in their operating agreement.  Under RULLCA, express provisions of the operating agreement prevail over most statutory provisions.

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