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s_blt_2016a_2016-04-26t11:52:57z0 Hearing Summary

Date: 04/26/2016



Final

BILL SUMMARY for HB16-1329



SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY


Votes: View--> Action Taken:
Refer House Bill 16-1329 to the Committee of the W PASS







11:53 AM -- HB 16-1329



Senator Heath and Senator Scheffel introduced House Bill 16-1329, concerning limited liability companies. The bill makes the following changes to state law regulating limited liability companies:

  • removes the requirement that a partner's contribution to an LLC is a prerequisite to becoming a member of that company;
  • clarifies that the tax status of an LLC does not affect the immunity of a member of the company from liability for the company's acts;
  • limits the applicability of the statute of frauds, which requires certain contracts to be written to be enforceable, to operating agreements for LLCs; and
  • reconciles the various partnerships and LLC acts regarding compensation of a partner for services performed during the windup of the entity's affairs.
    BILL: HB16-1329
    TIME: 11:54:39 AM
    MOVED: Heath
    MOTION: Refer House Bill 16-1329 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed on a vote of 7-0.
    SECONDED:
    VOTE
    Baumgardner
    Yes
    Heath
    Yes
    Hodge
    Excused
    Jahn
    Excused
    Neville T.
    Yes
    Newell
    Yes
    Tate
    Yes
    Woods
    Yes
    Holbert
    Yes
    Final YES: 7 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS














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