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Why Arkansas Should Adopt The Revised Uniform Limited Liability Company Act, Carol R. Goforth
Why Arkansas Should Adopt The Revised Uniform Limited Liability Company Act, Carol R. Goforth
University of Arkansas at Little Rock Law Review
In 1993 "The Small Business Entity Tax Pass Through" Act for the first time authorized the organization of limited liability companies (LLCs) in Arkansas. This Act, which will be referred to in this article as the "Arkansas LLC Act" notwithstanding its unique actual name, has been subsequently amended more than once to remove some of the ambiguities created by the initial legislation.
In August 1994, the National Conference of Commissioners on Uniform State Laws (NCCUSL) promulgated a Uniform Limited Liability Company Act (ULLCA). Unfortunately for proponents of uniformity, the ULLCA was introduced after most states (including Arkansas) had already enacted …