Alabama Legislature Passes New LLC Act

The Alabama Legislature has passed the Alabama Limited Liability Company Law of 2014, a substantially revised and restated version of their prior LLC law.  The new law is expected to be signed by Governor Robert Bentley and will go into effect January 1, 2015 (for entities formed after that date) and on January 1, 2017 (for LLCs formed on or before December 31, 2014, though such entities can elect to be governed by the new law earlier).

The new statute incorporates many innovations borrowed from, among other places, the Delaware Limited Liability Company Act, including allowing for an operating agreement to be "written, oral or implied", authorizing the formation of series LLCs, simplifying the process for converting to a different entity form, and removing requirements that information regarding the management structure be publicly filed.

Further details and analysis are available at the LLC Law Monitor.