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h_bus_2016a_2016-04-07t13:40:09z2 Hearing Summary

Date: 04/07/2016



Final

BILL SUMMARY for HB16-1329



HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR


Votes: View--> Action Taken:
Refer House Bill 16-1329 to the Committee of the W PASS







02:10 PM -- HB 16-1329



Representative Lee introduced House Bill 16-1329. The bill makes the following changes to state law regulating limited liability companies (LLCs):

  • removes the requirement that a partner's contribution to an LLC is a prerequisite to becoming a member of the company;
  • clarifies that the tax statutes of an LLC does not affect the immunity of a member of the company from liability for the company's acts;
  • limits the applicability of the statutes of frauds, which requires certain contracts to be written to be enforceable, to operating agreements for LLCs; and
  • reconciles the various partnership and LLC acts regarding compensation of a partner for services performed during the windup of the entity's affairs.



Representative Lee responded to questions from the committee.



02:13 PM --
Herrick Lidstone, CBA and SMDCC, testified in support of the bill. Mr. Lidstone responded to questions from the committee.



02:22 PM



Representative Lee made closing remarks on the bill.


BILL: HB16-1329
TIME: 02:23:24 PM
MOVED: Kraft-Tharp
MOTION: Refer House Bill 16-1329 to the Committee of the Whole. The motion passed on a vote of 12-0.
SECONDED: Williams
VOTE
Arndt
Yes
Garnett
Yes
Navarro
Yes
Nordberg
Yes
Pabon
Excused
Rosenthal
Yes
Roupe
Yes
Sias
Yes
Thurlow
Yes
Winter
Yes
Wist
Yes
Kraft-Tharp
Yes
Williams
Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS














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