Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu
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
Bill Summary

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

Menu

Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/06/2016 Signed Act PDF
    05/05/2016 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

The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details

Request for Proposal for the COYAC Contract. Details

Our website is currently undergoing a redesign in order to provide a better experience for everyone. View the Beta site