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

Date: 04/07/2016

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.