Today the Revised Prototype LLC Act Task Force of the Committee on LLCs, Partnerships and Unincorporated entities of ABA Section on Business Law released for comments the January 2009 Draft of the Revised Prototype LLC Act v. 2.02 (Jan. 2009) (note: You must be a member of the Committee to be able to access the draft online). Comments should be addressed to:
- Beth Miller at Elizabeth_Miller@baylor.edu
- Bob Keatinge at rkeatinge@hollandhart.com
- Tom Rutledge at thomas.rutledge@skofirm.com
- Scott Ludwig at sludwig@ba-boult.com
According to Task Force co-chair Scott Ludwig, the Task Force is still reviewing
- several variations of "series" and the best methods to implement such in the Act
- the Delaware retroactive addition of members
- reviewing the issue of whether "management rights" should be defined as not being a property right so as to prohibit a bankruptcy trustee from stepping into the shoes of the person exercising such "management rights"
- the comments that are to be provided with the Act.
For those members of the LLC, etc Committee who are interested in the work of the Task Force can subscribe to the Task Force’s listserv. For more information, go to the Task Force’s ABA website.
posted by Gary Rosin