Effective January 1, 2009, new and existing limited liability companies (LLCs) will be governed by the Revised Limited Liability Act (new LLC Act). The provisions of this new Iowa LLC Act could require existing LLCs to make changes to its operating agreement concerning management, fiduciary duties and transferable interests.
The current LLC Act does not expire until January 1, 2011. Any LLC that is created after January 1, 2009, will be governed under the new Iowa LLC Act. All existing LLCs will be subject to the new Act starting on January 1, 2011.
Attorney Melvin O. Shaw is available to discuss the changes the Iowa LLC Act will have on your operating agreement. For more information contact The Law Office of Melvin O. Shaw, 1150 5th Street, Suite 280, Coralville, Iowa, 52241, (319) 337-7429 or email@example.com.
This newsletter is intended to provide general information only and is not intended to provide specific legal advice. Each business owner should obtain a detailed, specific analysis of its business needs.