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Alabama’s LLC Act: An Overview of the Law’s Most Significant Changes - On-Demand
Webinar now available on-demand.
Alabama significantly changed its limited liability company law this year. Effective January 1, 2015, the new law is one of the most unique in the country, providing for the addition of series within a LLC, the removal of many statutory defaults, and a more pronounced shift to contract theory.
It’s crucial for you to familiarize yourself with these and other significant changes so you can advise your clients with confidence. Learn more with this in-depth webinar on-demand.
- Major changes
- Series LLCs
- Operating agreement now takes precedence, then law
- Fiduciary duties to LLC can now be eliminated
- Addition of “bad faith” actions
- Other changes
- Operating agreement can now be “oral” or “implied”
- Liability for breach of contract may be eliminated
- Penalties against non-performing members
- Option to make confidential certain information from member
- Changes in terminology
- Changes to formation
- Simple statement that there is at least one member
- Identification of Series
- No requirement of business purpose
- Changes in maintenance
- Changes to liability
- Third parties
- To LLC
- Changes to dissolution
- Choice of entity
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Alabama's LLC Act: An Overview of the Law's Most Significant Changes — is just $107.
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About Your Presenter:
The Watson Firm
Tripp Watson is the founder of The Watson Firm in Birmingham. He is an “Entrepreneur Attorney,” which means that he is an advocate and counselor to risk-takers. Mr. Watson is one of the only individuals in the county who offers business consulting and legal advice specifically tailored to entrepreneurs of all sizes. From a family of entrepreneurs, Mr. Watson went to law and business schools with the explicit purpose of opening a firm dedicated to advising aspiring and existing entrepreneurs with high-growth businesses. Unlike many attorneys who only advise on business law matters, he is also a business owner who personally knows the stresses and demands of running a small business and who can advise on both the legal and management issues entrepreneurs face. Because of his legal and business training and years of experience, he provides his clients unique insights into the problems that keep entrepreneurs up at night.