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HB16-1329

Limited Liability Companies Governing Law

Concerning laws governing limited liability companies codified in article 80 of title 7 of the Colorado Revised Statutes.
Session:
2016 Regular Session
Subject:
Financial Services & Commerce

Section 1 of the act deletes the requirement that a partner's contribution to a limited liability company is a prerequisite to becoming a member of the company. Section 2 clarifies that the tax status of a limited liability company does not affect the immunity of a member of the company from liability for the company's acts. Section 3 limits the applicability of the statute of frauds, which requires certain contracts to be written to be enforceable, to operating agreements for limited liability companies. Section 4 reconciles the various partnership and limited liability company acts regarding compensation of a partner for services performed during the windup of the entity's affairs.

(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/06/2016 Signed Act PDF
    06/06/2016 Final Act PDF
    04/29/2016 Rerevised PDF
    04/28/2016 Revised PDF
    04/14/2016 Reengrossed PDF
    04/13/2016 Engrossed PDF
    03/02/2016 Introduced PDF