When Connecticut business owners go to formally set up their companies, the vast majority create limited liability companies, which offer owners the liability shield of corporations and the taxation benefit of partnerships. But even though by some estimates LLCs make up more than 90 percent of all new businesses formed in Connecticut, the law governing them had not kept pace with their popularity.
That changed when Gov. Dannel Malloy recently signed the first reform to Connecticut’s LLC law since legislators authorized that form of business incorporation in 1993. The Connecticut Uniform Limited Liability Company Act will go into effect July 1, 2017, and will import provisions from the Uniform Law Commission’s model law, the Uniform Limited Liability Company Act.
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