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• W49652571 abstract "In 2006 the National Conference of Commissioners on Uniform State Laws promulgated the Revised Uniform Limited Liability Company Act. Recently, the limited liability company has become the most popular business As a result, the Revised Act recognizes and adopts the best features from various business entity acts and also includes a few innovations. However, in one notable area, the Revised Act falls short: series LLCs. This article argues in favor of adoption of the Revised Uniform Limited Liability Company Act by the South Dakota Legislature, with a few changes, including a series LLC provision. This legislation will help ensure South Dakota's reputation as one of the most business-friendly jurisdictions in the nation. I. INTRODUCTION The limited liability company was first recognized as an alternative business entity in 1977 by the Wyoming legislature. (1) For years, the LLC was not a widely accepted business entity, (2) but that, all changed following Revenue Ruling 88-76. (3) This ruling announced that [a]n unincorporated [business] organization operating under the Wyoming Limited Liability Company Act [was] classified as a partnership for federal [income] tax purposes.... (4) The favorable tax treatment led many state legislatures to enact LLC legislation, (5) and it also provided an impetus for the National Conference of Commissioners on Uniform State Laws (CCUSL) to consider drafting a uniform LLC act. (6) In 1996, NCCUSL promulgated the Uniform Limited Liability Company Act (ULLCA). (7) This act was the first generation of uniform state laws pertaining to limited liability companies drafted by NCCUSL. ULLCA was largely influenced by the Revised Uniform Partnership Act, the 1985 Revised Uniform Limited Partnership Act, and the Model Business Corporation Act. (8) Shortly after ULLCA was introduced, the Internal Revenue Service provided even more favorable tax treatment for LLCs with the check the box rules, making the LLC an even more attractive entity option. (9) However, the explosion in the popularity of LLCs did present a problem of uniformity. (10) Prior to 1996, nearly every state had its own LLC statute, resulting in significant variation in the applicability and enforcement of LLC law throughout the country. (11) Unfortunately, the promulgation of ULLCA did not solve the problem of variability in LLC law, in large part because it was introduced after most jurisdictions had already legislatively addressed LLCs. (12) Partially in response to the continued variation of LLC law throughout the United States, the National Conference of Commissioners on Uniform State Laws have approved and recommended that the Revised Uniform Limited Liability Company Act (RULLCA) be adopted by all states. (13) Some states have already adopted RULLCA, and other jurisdictions are considering its adoption. (14) The introduction of a new uniform act is significant because it enters the legal scene at a time when LLCs are widely considered to be the 'go-to' entity. (15) This article will begin with a discussion of current LLC law in South Dakota. (16) Then, it will highlight the major innovations of RULLCA. (17) It will conclude with a brief analysis as to why the South Dakota Legislature should adopt RULLCA. (18) II. THE CURRENT STATE OF SOUTH DAKOTA LLC LAW South Dakota first recognized the LLC as a business entity in 1993 through the enactment of Senate Bill 139. (19) The initial South Dakota LLC Act was modeled after the Wyoming LLC Act. (20) After the Internal Revenue Service made significant changes to LLC taxation through Revenue Ruling 88-76 and the adoption of the check the box rules, South Dakota chose to adopt ULLCA in 1998 rather than undertaking substantial amendments to the initial South Dakota LLC statute. (21) Even though South Dakota adopted the uniform act, it was not without alteration. Some changes were minor (22) while others were not. …" @default.
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• W49652571 date "2011-06-22" @default.
• W49652571 modified "2023-09-26" @default.
• W49652571 title "A Case for the Adoption of the Revised Uniform Limited Liability Company Act in South Dakota" @default.
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