On July 1, 2017 Connecticut’s new Liability Company Act will take effect—making numerous changes to the law on LLCs and their members and managers. Dan M. Smolnik, Special Counsel at Pastore & Dailey, has summarized and opined on the new law in a recent article. On one end of the spectrum, minor changes include a document name change from “Articles of Organization” to “Certificate of Organization.” At the other end, however, at least four statutory requirements will now govern LLCs if not properly addressed in the operating agreement. Changes to voting for adding new members, distribution based on capital contribution, and record inspection rights can be found in the Act. The Act also provides an updated, in-depth description of the duties of care and loyalty facing members and managers. Mr. Smolnik outlines the changes in detail and provides suggestions as to how to adapt to the upcoming changes.
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