New California LLC legislation takes effect in January 2014
December 4, 2013
The 2014 Edition of CSC®Publishing’s California Laws Governing Business Entities captures these and other important legislative changes
California’s Revised Uniform LLC Act, adopted two years ago by the state legislature, becomes effective on January 1, 2014. This revised act replaces the current Beverly-Killea LLC Act, which has been in place since 1994.
It is important to note, however, that the repealed act will continue to apply to certain LLCs. The 1994 Act “still governs actions prior to January 1, 2014, and will continue to be relevant to parties reviewing matters that took place prior to January 1, 2014,” says Allan Duboff, a partner at Loeb & Loeb LLP and the legal advisor for CSC®Publishing’s California Laws Governing Business Entities. In other words, Doboff explains, LLCs formed before 2014 will for the most part continue to operate under the repealed Beverly-Killea Act, as explained in the transition provision in the Corporations Code Section 17713.04.
As a result of this unique situation, CSC®Publishing will continue to feature the repealed Act in its 2014 Edition of California Laws Governing Business Entities. “We typically don’t include legislation once it has been repealed,” notes Jason Schuck, legal editor for CSC®Publishing partner LexisNexis. “However, given the circumstances, readers will likely still want to have the old legislation available to them in their desk reference, and our goal is to always provide our readers with a comprehensive resource that has all the information they need to effectively counsel clients and conduct business.”
The repealed Act is prominently marked so that readers can easily distinguish between the old and new acts, Schuck adds.
California Laws Governing Business Entities: Current and Comprehensive
California Laws Governing Business Entities is a complete resource for the legal community that is updated annually. The comprehensive scope includes General Corporation Law, Nonprofit Corporation Law, Consumer Cooperative Corporations, Professional Corporations, the Revised Uniform Limited Partnership Act, the Uniform Limited Partnership Act of 2008, the LLC Acts, Real Estate Investment Trusts, Corporate Securities Law, the Uniform Commercial Code, Administrative Rulings, and Title 10 Regulations (found on the companion CD). The statutes collection comes out each December so that legal professionals in California start the new year with the most up-to-date material.
In addition to the text of the old and revised LLC laws, the 2014 Edition of California Laws captures other significant changes that occurred during the 2013 session:
- The newly enacted chapter on small business financial development corporations
- Extensive amendments to the Corporate Securities Law of 1968
- Changes to the Consumer Cooperative Corporation Law and the Franchise Investment Law
All legislative changes are captured in the book’s Table of Sections Affected, and are marked as blackline amendments in the body of the book for easy identification. Thoughtful analyses of the legislative developments offer insight about the changes that have taken place.
The 2014 Edition also includes more than 100 new case annotations from California state and federal courts, as well as the full text of five California cases covering subjects such as fiduciary duty of corporate officers and directors, contests to elections of directors, and the applicability of California’s survival statute. Case summaries can be found at the front of the book. New cases are listed in the Table of New Annotations, and are marked with gray bars in the body of the book.
The book’s companion CD-ROM contains more than 120 California Business Forms, which are listed in the book’s appendix. The state of California has updated the majority of its business forms; the current versions have been included in this 2014 Edition.
“Legal professionals will not find a more comprehensive annotated business law resource for the state of California,” says CSC®Publishing Manager Kathy Grube, noting that the book is available as a softbound book or an ebook. “If you haven’t used this book yet, it’s time to take a look. We are confident that you’ll agree that it is the only California statutes collection you need.”
To order a copy or learn more about the 2014 Edition of California Laws Governing Business Entities, just click on the title.