Uniform Limited Liability Company Act

The Uniform Limited Liability Company Act (ULLCA) is a legal framework designed to standardize the formation and management of limited liability companies (LLCs) across different states in the U.S. It provides guidelines on how LLCs should operate, including the rights and responsibilities of members and managers, how profits and losses are shared, and procedures for resolving disputes. The ULLCA aims to promote clarity and consistency in LLC laws, making it easier for businesses to navigate legal requirements while protecting owners from personal liability for business debts.