California’s New LLC Law — Commencing January 1, 2014

On January 1, 2014, the current LLC law in California (known as “the Beverly-Killea Limited Liability Company Act”) will be repealed and superseded by a new LLC law (known as the “Revised Uniform Limited Liability Company Act,” or “RULLCA”). Although the new RULLCA law does not require existing LLCs to file any new documents with the Secretary of State or to revise their operating agreements, it imposes many changes on LLC members and managers. Many LLCs will therefore want to file new documents and/or revise their existing operating agreements prior to January 1, 2014.