SB113 Alabama 2015 Session

Sponsors

Session

Regular Session 2015

Title

Limited Liability Law, governing law clarified, liability for wrongful distributions clarified, Secs.10A-5A-1.05, 10A-5A-1.06, 10A-5A-1.07, 10A-5A-4.06 am'd.

Description

<p class="bill_description"> Under existing law, the Alabama Limited Liability Company Law of 2014, provides for the formation of limited liability companies</p><p class="bill_description"> This bill would clarify that the law of the state in which a foreign limited liability company is formed governs the internal affairs of that entity</p><p class="bill_description"> This bill would clarify the treatment of a limited liability company and a foreign limited liability company for purposes of certain taxation</p><p class="bill_description"> This bill would clarify that, under normal circumstances, the liability of a member of a limited liability company for wrongful distributions is limited to the amount of the distributions received</p><p class="bill_description"> This bill would also make technical corrections in cross references</p><p class="bill_entitled_an_act"> To amend Sections 10A-5A-1.05, 10A-5A-1.06, 10A-5A-1.07, and 10A-5A-4.06, Code of Alabama 1975, as added by Act 2014-144, 2014 Regular Session (Acts 2014), relating to the Alabama Limited Liability Company Law of 2014, to clarify that the law of the state in which a foreign limited liability company is formed governs the internal affairs of that entity; to clarify the treatment of a limited liability company and a foreign limited liability company for purposes of certain taxation; to clarify that under normal circumstances the liability of a member of a limited liability company for wrongful distributions is limited to the amount of the distributions received; and to make technical corrections in cross references. </p>

Subjects

Corporations