Examples of Prior Act in a sentence
The RULLCA provisions highlighted below are some of the more substantive changes made to the Prior Act and are changes that those who do business through LLCs should be keenly aware of.
All California LLCs should review their articles of organization and operating agreements in light of the new law to ensure the documents still provide what they intended.On January 1, 2014 (the "Effective Date"), the Beverly-Killea Limited Liability Company Act (the law in California governing LLCs prior to the Effective Date) (the "Prior Act") was repealed and replaced by the Revised Uniform Limited Liability Company Act ("RULLCA").
With respect to each foreign LLC that first filed an application for a certificate of authority prior to January 1, 2006, the Prior Act shall apply to such foreign LLC until the due date of the first annual report required to be filed by such foreign LLC on or after January 1, 2006, after which due date this Act shall apply to such foreign LLC, except that such foreign LLC shall not be required to obtain a new certificate of authority.
PLLC," “domestic professional LLC,” “domestic PLLC” or a professional LLC or PLLC that is otherwise designated as “domestic” means a professional LLC that is formed under this Act, an LLC for which professional LLC status has been elected under this chapter or, where expressly indicated, a professional LLC that is formed under the Prior Act or an LLC that is formed under the Prior Act for which professional LLC status has been elected under the Prior Act.
This Act does not affect an action or proceeding commenced or right accrued under the Prior Act.