Although existing in Europe and South America for decades, the American limited liability company (LLC) is a relatively recent innovation. 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. At first, LLCs were mostly formed to own and hold real estate and personal property. But today, in almost any instance where a person would have formed a corporation, partnership, or statutory trust, an LLC can and is being used for that same purpose today.
There is no disputing that today the LLC is by far the most common and popular business entity type. With that in mind, this webinar 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 internal 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 Yesterday, Today and Beyond” on-demand webinar or contact us at (844) 316-8948 (Toll-free US).