H. Watt Gregory, III, John Fletcher and Pierce Hunter, Kutak Rock attorneys in the firm’s Little Rock office, authored the article “The New Arkansas Uniform Limited Liability Company Act: A Statutory Overhaul” for the Fall 2021 issue of The Arkansas Lawyer, the flagship publication of the Arkansas Bar Association.

The article provides an overview of Arkansas’ recently enacted version of the Uniform Limited Liability Company Act (the “New Act”) and its impact on both existing and new limited liability companies (LLCs) organized in Arkansas. Because LLCs are now the most popular form of business entity in the United States, the New Act will have a broad impact on the Arkansas business law landscape. 

The article summarizes key changes the New Act brings to the governance and operation of Arkansas LLCs, and also highlights important provisions that may prompt owner-members of Arkansas LLCs to amend their existing operating agreements and possibly change their historical governance practices. The authors encourage Arkansas attorneys to revisit existing LLC operating agreements and address the new rules with their clients.

Kutak Rock partner H. Watt Gregory, III concentrates his practice in business development and finance, including handling issuance of equity and debt securities in the public and private capital markets. He also represents public and private companies in their merger and acquisition programs, including representing both buy- and sell-side clients. He regularly advises clients, including their boards of directors or managers, on numerous governance matters, including the proper discharge of fiduciary duties of directors.

Kutak Rock of counsel John Fletcher is an accomplished general counsel and business advisor with a strong background in complex business transactions, capital formation, mergers & acquisitions, corporate governance, public company compliance and disclosure, shareholder outreach, contingency management and sales and procurement contracting.

Kutak Rock associate Pierce Hunter focuses his practice on transactional and business-related matters affecting both public and private companies, including securities regulation, corporate governance, executive compensation, mergers and acquisitions, and private equity fund formation, as well as a wide range of legal matters affecting limited liability companies, close corporations, and partnerships.

“The New Arkansas Uniform Limited Liability Company Act: A Statutory Overhaul”