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 | |
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VOTE
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Arndt
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Yes
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Garnett
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Yes
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Navarro
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Yes
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Nordberg
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Yes
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Pabon
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Excused
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Rosenthal
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Yes
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Roupe
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Yes
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Sias
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Yes
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Thurlow
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Yes
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Winter
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Yes
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Wist
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Yes
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Kraft-Tharp
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Yes
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Williams
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Yes
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Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS
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