As Amended From Time to Time

As Amended From Time to Time

As Amended From Time to Time is my most recent column from the Journal of Passthrough Entities.

 

       This article considers the impact of an amendment to an LLC Act when the operating agreement of a particular LLC does not address the issue. Essentially, does the LLC Act as it existed at the time the operating agreement was adopted continue to control, or in the alternative are the LLC and its members now bound by the LLC Act as amended?

 

      This is a complicated question of statutory interpretation that may be impacted by the wording of any particular operating agreement. For those reasons, I cannot give a definitive answer one way or the other. I submit, however, that the most important issue is to be aware of the question.

 

      HERE IS A LINK to the article.