Utah Should Adopt a Modified Version of the Revised Uniform Limited Liability Company Act

The Proposed Act offers a number of advantages over the Current Act. The Current Act is an outdated one-of-a-kind statute that is a patchwork of other commercial statutes that do not mesh well. It has significant inconsistencies and is decidedly less business-friendly than the Proposed Act. It is time for the Utah legislature to enact an LLC statute that (1) represents the best thinking of some of the nation’s foremost experts on LLCs and LLC legislation, (2) is drafted while taking into account recent developments and national trends, (3) offers the benefits of uniformity and consistency with Utah’s other unincorporated business entity statutes as well as with other states’ unincorporated business entity statutes, and (4) conveys the message that Utah is a pro-business state