Introduction
New Jersey has enacted the Revised Uniform Limited Liability
Company Act ("RULLCA"). RULLCA governs any matter not
addressed in an LLC operating agreement. Therefore, an LLC
operating agreement is essential under RULLCA. This article
discusses four matters that should be addressed in an operating
agreement to avoid application of the default provisions under
RULLCA. It examines the default provisions of these matters under
RULLCA and compares them to the default provisions under New
Jersey's current law.
The New Jersey Revised Uniform Limited Liability Company Act
(RULLCA) was enacted on Sept.19. This act will impact every New
Jersey limited liability company (LLC). It will apply to new LLCs
formed after March 18, 2013, and then to all LLCs in 18 months, in
March 2014. The act is codified at N.J.S.A. 42:2C-1 et seq. For a
general summary of the act, see Ira B Marcus and Denise
Walsh, "Introducing the New Jersey Revised Uniform Limited
Liability
