Examples of LLC Law in a sentence
In June 2018 the new Law of Ukraine on Limited and Additional Liability Companies (New LLC Law) came into effect presenting certain innovations for regulating the formation of a company management body (including general managers).
OUTLOOKThere has been a recent development in Cayman law which may affect the type of Cayman entity used in Islamic finance transactions: the Limited Liabilities Companies Law 2016 (the LLC Law) has created a new class of Cayman entity – a limited liability company (LLC), which is similar to a Delaware limited liability company.
Under the LLC Law, an assignment of a membership interest does not entitle the assignee to become or to exercise any rights of a member.
The LLC Law specifies the events the occurrence of which causes a member of a limited liability company to cease being such a member.
Although the New LLC Law leaves open the theoretical possibility of appointing someone to head such a management body based on either an employment or a civil law contract, and presents additional grounds for termination of employment, the wording of the current version of the New LLC Law is vaguely drafted in this respect.