paloalto-kasnersymposium–llcdevelopments–including.pptVIP

* * * * * ?2013 Morrison Foerster LLP | All Rights Reserved | ?2013 Morrison Foerster LLP | All Rights Reserved | * * * * *   Jerry A. Kasner Estate Planning Symposium October 24, 2014LLC Developments Including the New California REVISED Uniform Limited Liability Company Act Paul ‘Chip’ L. Lion III Morrison Foerster LLP Source Background Materials Beyond Transfer Taxes: What Every Estate Planner Should Know about Partnerships, 2009 Kasner Symposium LLC Developments including the New California RULLCA – A Comparison of the Beverly-Killea Limited Liability Company Act and California Revised Uniform Limited Liability Company Act Professor Elizabeth Miller, Selected Recent LLC Cases, ALI CLE Limited Liability Entities 2014 Updated, March 24, 2014; /law/faculty/index.php?id=75536 Background California’s first LLC Act became effective September 30, 1994 and was known as the Beverly-Killea Limited Liability Company Act (sometimes referred to herein as the “Old Act”). Uniform Law Commission (fka the National Conference of Commissioners on Uniform State Laws (“NCCUSL”) approved the Revised Uniform Limited Liability Company Act (“REULLCA”) in July, 2006. ? The California Revised Uniform Limited Liability Company Act (“CRULLCA”) was codified at California Corporations Code §§17701.01 et.seq. and became effective beginning on January 1, 2014 and the original California Act was repealed. Generally CRULLCA applies to all LLCs existing on or after 1/1/2014 and to acts or transactions by members and managers occurring or contracts entered into by the LLC or by members or managers on or after 1/1/2014 Prior law governs all acts or transactions by members or managers or contracts entered into by the LLC or by the members or managers prior to 1/1/2014. §17713.