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: VOTEBaumgardnerYesHeathYesHodgeExcusedJahnExcusedNeville T.YesNewellYesTateYesWoodsYesHolbertYesFinal YES: 7 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS