RULLCA definition

RULLCA means the Revised Uniform Limited Liability Company Act of the State of California, as amended from time to time.

Examples of RULLCA in a sentence

  • The RULLCA imposes significant changes in the way California LLCs are to be governed and inserts default provisions in LLC operating agreements if certain matters are not specifically addressed.

  • All California LLCs should review their articles of organization and operating agreements in light of the new law to ensure the documents still provide what they intended.On January 1, 2014 (the "Effective Date"), the Beverly-Killea Limited Liability Company Act (the law in California governing LLCs prior to the Effective Date) (the "Prior Act") was repealed and replaced by the Revised Uniform Limited Liability Company Act ("RULLCA").

  • The RULLCA provisions highlighted below are some of the more substantive changes made to the Prior Act and are changes that those who do business through LLCs should be keenly aware of.

  • Existing LLCs and those formed after the Effective Date are subject to the RULLCA.

  • RULLCA defines and uses the phrase “majority of the members” instead.

  • However, RULLCA provides that the prior law will govern certain actions of existing LLCs, including votes or consents taken by an existing LLC’s members or managers prior to January 1, 2014 (even if a certificate or document is required to be filed with the state relating to such vote or consent but is not filed prior to such date), and any transactions and contracts entered into by the existing LLC prior to January 1, 2014.

  • Paterson City, 2018 WL 4210898 (N.J. Tax 2018), the nonprofit LLC (now expressly authorized by RULLCA) was awarded a tax exemption because the court was satisfied from the documents that the LLC was a single purpose entity.

  • If any term or provision of the Contract is found to be illegal or unenforceable, then, notwithstanding such illegality or unenforceability, the Contract shall remain in full force and effect and such term or provision shall be deemed to be deleted.

  • While RULLCA further provides that it gives a maximum effect to the principles of freedom of contract and to the enforceability of operating agreements – and thus, as demonstrated above, should not retroactively alter exiting contracts with third parties – it will nonetheless alter provisions of an existing operating agreement.

  • RULLCA was signed into law by Governor Jerry Brown on September 21, 2012, and is the focus of an increasing amount of scrutiny as managers, members, advisors and lenders toCalifornia LLCs attempt to understand and cope with the forthcoming changes, and in some cases, unpleasant surprises it presents.


More Definitions of RULLCA

RULLCA means the California Revised Uniform Limited Liability Company Act, Section 17701.01 et seq. of the California Corporations Code.

Related to RULLCA

  • DLLCA means the Delaware Limited Liability Company Act.

  • Corporations Law means the Corporations Law of the Commonwealth of Australia as applying in each State and Territory of Australia;

  • NYBCL means the New York Business Corporation Law.

  • POPI Act means the Protection of Personal Information Act 4 of 2013 as may be amended from time to time;

  • Delaware LLC Act means the Delaware Limited Liability Company Act.

  • bye-law means a bye-law framed by the corporation under this Act;

  • Company Law means the Companies Law (as amended) of the Cayman Islands.

  • Delaware LP Act means the Delaware Revised Uniform Limited Partnership Act.

  • Business Corporations Act means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

  • DRULPA means the Delaware Revised Uniform Limited Partnership Act.

  • Bank Holding Company Act means the Bank Holding Company Act of 1956, as amended.

  • Delaware Secretary of State means the Secretary of State of the State of Delaware.

  • Delaware GCL means the General Corporation Law of the State of Delaware.

  • Delaware Certificate of Merger has the meaning set forth in Section 2.2.

  • Delaware Law means the General Corporation Law of the State of Delaware.

  • Delaware General Corporation Law means the Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time.

  • NCBCA means the North Carolina Business Corporation Act.

  • LLC Act means the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as it may be amended from time to time, and any successor to such Act.

  • Holding Company Act means the Public Utility Holding Company Act of 1935, as amended.

  • Corporation Law means the General Corporation Law of the State of Delaware, as from time to time amended;

  • DFI means Development Financial Institution and includes the Pakistan Industrial Credit and Investment Corporation (PICIC), the Saudi Pak Industrial and Agricultural Investment Company Limited, the Pak Kuwait Investment Company Limited, the Pak Libya Holding Company Limited, the Pak Oman Investment Company (Pvt.) Limited, Investment Corporation of Pakistan, House Building Finance Corporation, Pak Brunei Investment Company Limited, Pak-Iran Joint Investment Company Limited, Pak-China Investment Company Limited, and any other financial institution notified under Section 3-A of the Banking Companies Ordinance, 1962.

  • CGCL means the California General Corporation Law.

  • Israeli Companies Law means the Israeli Companies Law, 5759-1999, as amended, and the regulations promulgated thereunder.

  • Subchapter S Corporation (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Business corporation means a domestic business corporation incorporated under or subject to Title 23B RCW or a foreign business corporation.

  • CBCA means the Canada Business Corporations Act.