In 2008, Iowa became one of the first states to adopt the Revised Uniform Limited Liability Company Act. The new Iowa LLC Act is the result of months of hard work by the LLC Committee of the Iowa State Bar Association. I was honored to chair the committee (just as I chaired the 1992 committee that wrote the original Iowa LLC Act). There will be a lot of questions about the new law in the coming months and this blog is intended to be a place to look for answers.
Effective January 1, 2009, new Iowa Code Chapter 489 will take effect. All LLCs formed on and after that date will be covered by the new law. On January 1, 2011, the current LLC statute (490A) will be repealed and all LLCs will be subject to Iowa Code Chapter 489. During the period between January 1, 2009, and January 1, 2011, LLCs existing prior to January 1, 2009, can elect to be covered by the new law. Here is a link to Iowa's Revised Uniform Limited Liability Company Act
During the coming weeks, check this site for a comprehensive analysis of the new Iowa LLC Act. As we count down to January 1, 2009, this is the place to find out about important LLC cases handed down by the courts around the country, key IRS rulings, and the occasional business law case that will impact LLCs.
I welcome comments, corrections, and alternative points of view, so don’t hesitate to engage in respectful debate with me and others who comment on this blog.