QUESTION
If an LLC has an operating agreement in place, will the NJRULLCA overrule it and require a new one under the new laws?
Asked on Jan 23rd, 2014 on Business Law - New Jersey
More details to this question:
We have an LLC which has an OA. There is a lot of strife as this is a family business with 7 owners. I am wondering if the NJRULLCA when it goes into effect for older LLC's will require a new OA, or if the previous written OA remains in effect as is.
1 ANSWER
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The previous written OA will remain in full force and effect as long as it is duly executed by all members. The new Revised Uniform Limited Liability Company Act does not require all previously existing Operating Agreements to be revised nor does it negat any of the terms in the existing Operating Agreements.
Answered on Jan 27th, 2014 at 3:22 PM