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New Utah LLC Law

November 27, 2013

Utah has recently passed a new Limited Liability Company Act, and Mark Astling, of Durham Jones & Pinegar has written an excellent article on it, entitled What CPAs Need to Know About the New LLC Law. It looks like Utah is moving in the same direction that Wyoming has gone. The new Utah Law creates default rules that govern the LLC if members fail to adopt an operating agreement. This means that when you form a company, you really need to give careful thought to the terms of your ownership, because if you don’t, the Utah Act will make them up for you, and that may not work to your advantage. Another interesting development is the limitation on what information is made public about the LLC. In the past, Utah LLCs were required to list the names of all managers and/or members in their articles of organization. Now, much like Wyoming, all that is required is that the articles contain the name of the LLC, the name and address of the registered agent, and the mailing address of the principal office. This is an interesting move, given the current world-wide atmosphere in governmental circles of trying to require that more information be made public. Mr. Astling’s article is a timely, worthwhile read.

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