s_blt_2016a_2016-04-26t11:52:57z0 Hearing Summary

Date: 04/26/2016

11:53 AM -- HB 16-1329



Senator Heath and Senator Scheffel introduced House Bill 16-1329, concerning limited liability companies. The bill makes the following changes to state law regulating limited liability companies:

• removes the requirement that a partner's contribution to an LLC is a prerequisite to becoming a member of that company;
• clarifies that the tax status 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 statute of frauds, which requires certain contracts to be written to be enforceable, to operating agreements for LLCs; and
• reconciles the various partnerships and LLC acts regarding compensation of a partner for services performed during the windup of the entity's affairs.
  

  BILL:	HB16-1329
  TIME:	11:54:39 AM
  MOVED:	Heath
  MOTION:	Refer House Bill 16-1329 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed on a vote of 7-0.
  SECONDED:
  		VOTE
  	Baumgardner	Yes
  	Heath	Yes
  	Hodge	Excused
  	Jahn	Excused
  	Neville T.	Yes
  	Newell	Yes
  	Tate	Yes
  	Woods	Yes
  	Holbert	Yes
  Final YES: 7 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS