On Tuesday, Aug. 16, Christian & Small Partner Jonathan W. Macklem will present a webinar on understanding the implications of Alabama’s new LLC Act from 2 to 3 p.m. CDT. The webinar, presented in conjunction with the Alabama Law Weekly, has been approved for one hour of Continuing Legal Education (CLE) credit. Click here to register.
Alabama significantly changed its limited liability company law in 2014, and the revisions to the Alabama LLC Act apply to any LLC that is created on or after January 1, 2015. All existing LLCs, including those that were formed prior to January 1, 2015, will be bound by the new act on January 1, 2017. Macklem discussed the new act in a Christian & Small Nonstop Insights blog post back in 2014: http://bit.ly/2bd82jV.
The new LLC Act gives business owners more flexibility to fashion the obligations and structures of their LLCs, and also empowers managers and owners with the ability to craft and mold the governance of LLCs through the power of contract. Overall, the new LLC Act’s flexibility provides LLC members with the ability to have more contractual freedom in establishing the operational contours of their LLC, making it more important for companies to have their arrangements, especially their initial Company Agreements, in writing.
Lawyers will be called upon to draft new Company Agreements or to modify existing agreements in a manner that maximizes the advantages of the new LLC Act while minimizing any negative consequences of the new law. The webinar that Macklem will present covers the most pertinent developments in this law to assist lawyers in properly drafting Company Agreements for their clients.