Calif. LLC Law Complicates Contracts For Real Estate Cos.

Law360, New York (January 29, 2014, 9:33 PM ET) -- The new limits placed on LLCs as part of California's Revised Uniform Limited Liability Company Act are causing confusion for some real estate companies, which are facing the daunting task of altering long-established operating agreements.

The RULLCA, which went into effect Jan. 1, affects all LLCs in California, but those controlled by real estate entities are particularly impacted by several new features of the law: a 100 percent voting requirement for actions that are out of the ordinary course of business, and the ability of 50...
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