Support For Limited Liability Act

February 29, 2016

Rep. Steve Stafstrom (D-Bridgeport) today pledged his support for HB 5259, “An Act Concerning Adoption of the Connecticut Uniform Limited Liability Company Act.”

The bill, which received a public hearing in the Judiciary Committee Monday will provide a comprehensive update to the state’s existing limited liability company act.

Some of the bill’s features are: clarifying the purposes and limitations of LLC Operating Agreements, specifying default governance rules, and identifying fiduciary duties to the LLC.

“Many of our state’s hard working small and medium size business owners protect their family’s personal assets through use of a limited liability company.” Rep.Stafstrom explained,“By enacting this much needed update to our LLC statute we can provide greater clarity for those owners and those doing business with an LLC.

Rep. Stafstrom said, “I am pleased to have worked with the Connecticut Bar Association and other stake holders to advance this important legislation which will help businesses grow and thrive in our state.”