Uniform Limited Liability Company Act Law and Legal Definition

Uniform Limited Liability Company Act is one of the uniform acts prepared and sponsored by the National Conference of Commissioners on Uniform State Laws. It has been revised and amended since its inception in 1994. This act permits the formation of limited liability companies, which provide the owners with the advantages of both corporate-type limited liability and partnership tax treatment. This Act is flexible in the sense that the vast majority of its provisions may be modified by the owners in a private agreement. Only limited and specific fundamental matters may not be altered by private agreement. To simplify, those non waivable provisions are set forth in a single subsection.

A few of the states following this act are Alabama, Hawaii, Idaho, South Carolina and Ohio.