Source: https://www.rcdwealth.com/rpw/protection/country/usa/state/colorado/colorado-limited-liability-company-act.html
Timestamp: 2019-04-20 15:07:11+00:00

Document:
7-80-105. Unauthorized assumption of powers.
7-80-106. Transaction of business outside state.
7-80-108. Effect of operating agreement - nonwaivable provisions.
7-80-207. Effect of filing of articles of organization.
7-80-208. Notice of existence of limited liability company.
7-80-209. Amendment of articles of organization.
7-80-301. Limited liability companies - registered agents - service of process - annual reports.
7-80-401. Management of limited liability company.
7-80-403. Officers and other agents.
7-80-404. Duties of members and managers.
7-80-405. Members and managers as agents of the limited liability company.
7-80-407. Reimbursement and indemnification of members and managers.
7-80-408. Access to and confidentiality of information - records - accounting.
7-80-503. Sharing of profits and losses.
7-80-603. Interest of member upon resignation.
7-80-702. Interest in limited liability company - transferability of interest.
7-80-703. Rights of creditor against a member.
7-80-704. Deceased or incompetent members who are individuals - dissolved or terminated members who are legal entities.
7-80-705. Liability of members and managers.
7-80-713. Derivative proceeding - standing - definition.
7-80-714. Derivative proceeding - demand.
7-80-715. Stay of derivative proceeding.
7-80-716. Dismissal of derivative proceeding.
7-80-717. Discontinuance or settlement of derivative proceeding.
7-80-718. Payment of expenses - derivative proceeding.
7-80-719. Applicability of derivative proceeding to foreign limited liability companies.
7-80-801. Dissolution - time and notice of dissolution.
7-80-803.3. Right to wind up business.
7-80-803.5. Manager's or member's power to bind limited liability company after dissolution.
7-80-811. Procedure for judicial dissolution.
7-80-901. Foreign limited liability companies.
7-80-902. Registered agent - service of process.
7-80-1101. Application to limited liability companies formed prior to July 1, 1994.
Cross references: For the "Uniform Records Retention Act", see article 17 of title 6.
Law reviews: For article, "Colorado Enacts Limited Liability Company Legislation", see 19 Colo. Law. 1029 (1990); for article, "Choice of Entities in Colorado", see 23 Colo. Law. 293 (1994); for article, "Colorado LLCs: New and Improved", see 24 Colo. Law. 1473 (1994); for article, "Classifying LLCs Under New IRS Ruling Guidelines", see 24 Colo. Law. 741 (1995); for article, "Choice of Entity in Colorado: An Update", see 25 Colo. Law. 3 (October 1996); for article, "Colorado Choice of Entity 1998", see 27 Colo. Law. 5 (June 1998); for article, "Colorado LLCs as Nonprofit Organizations", see 27 Colo. Law. 57 (August 1998); for article, "Contractually Binding Colorado Entities", see 28 Colo. Law. 33 (December 1999); for article, "Colorado Choice of Form of Organization and Structure 2001", see 30 Colo. Law. 11 (October 2001); for article, "Entity and Trade Name Registration: 2001 Update", see 30 Colo. Law. 81 (October 2001); for article, "LLCs in Acquisitions: Increased Utility Under Recent Regulation", see 31 Colo. Law. 73 (August 2002); for article, "No Paper Required: Business Entity Legislation Makes Life Easier for Business Lawyers", see 33 Colo. Law. 6 (June 2004); for article, "Entity and Trade Name Registration: 2004 Update", see 34 Colo. Law. 11 (January 2005).
This article shall be known and may be cited as the "Colorado Limited Liability Company Act".
Source: L. 90: Entire article added, p. 414, § 1, effective April 18.
(1) "Articles of organization" means the articles of organization filed in the records of the secretary of state for the purpose of forming a limited liability company as specified in sections 7-80-203 and 7-80-204. "Articles of organization" includes amended articles of organization, restated articles of organization, statements of merger, and other instruments, however designated, on file in the records of the secretary of state that have the effect of amending or supplementing, in some respect, the original or amended articles of organization.
(2) "Bankrupt" means bankrupt or a debtor under the federal bankruptcy code of 1978, title 11 of the United States Code, as amended, or an insolvent under any state insolvency act.
(3) "Business" means any lawful activity, including ownership of real or personal property, whether or not engaged in for profit.
(4) "Contribution" means anything of value that a person contributes to a limited liability company as a prerequisite to becoming a member in the limited liability company or in the capacity of a member in the limited liability company, including cash, property, or services rendered or a promissory note or other binding obligation to contribute cash or property or to perform services.
(5) "Court" includes every court and judge having jurisdiction in a case.
(7) "Limited liability company" or "company" means a limited liability company formed under this article.
(8) "Manager" means a person designated as a manager of a limited liability company to manage the company pursuant to section 7-80-402.
(9) "Member" means a person with an ownership interest in a limited liability company with the rights and obligations specified under this article. In the case of a limited liability company with only one member, "members" and "all of the members" refers to such one member.
(10) "Membership interest" means a member's share of the profits and losses of a limited liability company and the right to receive distributions of such company's assets.
(11) (a) "Operating agreement" means any agreement of all of the members as to the affairs of a limited liability company and the conduct of its business. Except as otherwise provided in this article or as otherwise required by a written operating agreement, the operating agreement need not be in writing. An operating agreement may contain any provisions required or permitted by section 7-80-108 (1). An operating agreement includes any amendments to the operating agreement.
(III) Any agreement, whether or not the agreement is in writing, between the member and the limited liability company as to a limited liability company's affairs and the conduct of its business if the limited liability company is managed by a manager who is a person other than the member.
Source: L. 90: Entire article added, p. 414, § 1, effective April 18. L. 94: (3), (7), and (11) amended and (6.5), (7.5), (7.6), (14), (15), and (16) added, p. 709, § 1, effective July 1. L. 95: (7.6), (11), and (13) amended, p. 805, § 21, effective May 24. L. 97: (8), (9), and (11) amended and (14.5) added, p. 1502, § 11, effective June 3; (13) amended, p. 917, § 8, effective January 1, 1998. L. 2002: (1) amended, p. 1832, § 70, effective July 1; (1) amended, p. 1697, § 68, effective October 1. L. 2003: (1), (6) to (7.6), and (12) to (16) amended, p. 2263, § 174, effective July 1, 2004. L. 2004: (11)(a) amended, p. 936, § 1, effective July 1. L. 2006: (1), (4), and (8) amended, p. 854, § 18, effective July 1.
Cross references: For additional definitions applicable to this title, see § 7-90-102.
A limited liability company may be formed under this article for any lawful business, subject to any provisions of law governing or regulating such business within this state.
Source: L. 90: Entire article added, p. 415, § 1, effective April 18. L. 94: Entire section amended, p. 710, § 2, effective July 1. L. 2003: Entire section amended, p. 2264, § 175, effective July 1, 2004.
Law reviews. For article, "Partnership or LLC: Alternative to an Irrevocable Life Insurance Trust?", see 25 Colo. Law. 43 (January 1996).
Source: L. 90: Entire article added, p. 415, § 1, effective April 18. L. 94: (1)(d) amended, p. 710, § 3, effective July 1. L. 2003: IP(1), (1)(e), (1)(h), (1)(j), (1)(l), (1)(m), and (1)(n) amended, p. 2264, § 176, effective July 1, 2004. L. 2004: (1)(k) amended, p. 936, § 2, effective July 1. L. 2006: (1)(i), (1)(j), and (1)(n) amended, p. 854, § 19, effective July 1.
All persons who assume to act as a limited liability company without authority to do so and without good faith belief that they have such authority shall be jointly and severally liable for all debts and liabilities incurred by such persons so acting.
Source: L. 90: Entire article added, p. 416, § 1, effective April 18.
It is the intention of the general assembly by the enactment of this article that the legal existence of limited liability companies formed under this article be recognized beyond the limits of this state and that, subject to any reasonable registration requirements, any such limited liability company transacting business outside this state be granted the protection of full faith and credit under section 1 of article IV of the constitution of the United States.
Source: L. 90: Entire article added, p. 416, § 1, effective April 18. L. 94: Entire section amended, p. 710, § 4, effective July 1.
(1) (a) The operating agreement may contain any provisions for the affairs of the limited liability company and the conduct of its business to the extent such provisions are consistent with law. Except as otherwise provided in subsection (1.5), (2), or (3) of this section, an operating agreement governs the rights, duties, limitations, qualifications, and relations among the managers, the members, the members' assignees and transferees, and the limited liability company. Such provisions shall control over any provision of this article to the contrary except as set forth in subsection (1.5), (2), or (3) of this section. To the extent the operating agreement does not otherwise provide, this article shall control.
(b) A limited liability company is bound by any operating agreement of its members.
(c) An operating agreement may be entered into before, after, or at the time of filing of articles of organization and, whether entered into before, after, or at the time of such filing, may be made effective as of the formation of the limited liability company or as of the time or date provided in the operating agreement.
(1.5) To the extent that a member or manager or other person that is a party to, or is otherwise bound by, the operating agreement has duties, including, but not limited to, fiduciary duties, to a limited liability company or to another member, manager, or other person that is a party to or is otherwise bound by an operating agreement, the duties of such member, manager, or other person may be restricted or eliminated by provisions in the operating agreement, as long as any such provision is not manifestly unreasonable.
(e) Restrict rights of, or impose duties on, persons other than the members, their assignees and transferees, and the limited liability company without the consent of such persons.
(2.5) (a) An operating agreement may contain one or more provisions concerning the enforcement, interpretation, construction, application, severability of provisions, integration, effect of parole evidence, and other matters with respect to the operating agreement or any of its provisions.
(b) Unless otherwise provided in the operating agreement, if any provision of an operating agreement or application thereof to any person or circumstance is unenforceable or otherwise invalid under subsection (1.5) or (2) of this section or otherwise, the provision shall be limited, construed, and applied in a manner that is valid and enforceable, and, in any event, the remaining provisions of the operating agreement shall be given effect without the invalid provision or application.
(c) Unless otherwise provided in the operating agreement with respect to the unenforceability, invalidity, or application of any provision of the operating agreement under subsection (1.5) or (2) of this section, when it is claimed or appears to the court that any provision of the operating agreement may violate subsection (1.5) or (2) of this section, the parties shall be afforded a reasonable opportunity to present evidence as to its commercial setting, purpose, and effect, to aid the court in making the determination.
(d) Vary any requirement under this article that a particular action or provision be reflected in a writing.
(4) It is the intent of this article to give the maximum effect to the principle of freedom of contract and to the enforceability of operating agreements.
Source: L. 94: Entire section added, p. 711, § 5, effective July 1. L. 97: IP(3) and (3)(b) amended, p. 1503, § 12, effective June 3. L. 2003: (2)(d) amended, p. 2265, § 177, effective July 1, 2004. L. 2004: (2) and (3) amended and (4) added, p. 936, § 3, effective July 1. L. 2005: (2)(d) amended, p. 1203, § 2, effective October 1. L. 2006: (1) and (2) amended and (1.5) and (2.5) added, p. 855, § 20, effective July 1.
Source: L. 2004: Entire section added, p. 938, § 4, effective July 1.
Source: L. 90: Entire article added, p. 417, § 1, effective April 18. L. 93: (1) amended, p. 63, § 1, effective March 22; (4)(a) and (4)(c) amended, p. 859, § 20, effective July 1, 1994. L. 94: (4)(d) added, p. 88, § 15, effective July 1. L. 97: (4)(a) amended, p. 760, § 24, effective July 1, 1998. L. 2000: Entire section repealed, p. 990, § 109, effective July 1.
Source: L. 90: Entire article added, p. 418, § 1, effective April 18. L. 2003: (3) added by revision, pp. 2356, 2357, §§ 347, 348.
Editor's note: Subsection (3) provided for the repeal of this section, effective July 1, 2004. (See L. 2003, pp. 2356, 2357.
(1) One or more persons may form a limited liability company by delivering articles of organization to the secretary of state for filing pursuant to part 3 of article 90 of this title. Any such person who is an individual shall be of the age of eighteen years or older. Such person or persons need not be members of the limited liability company after formation has occurred.
Source: L. 90: Entire article added, p. 418, § 1, effective April 18. L. 94: (2) repealed, p. 712, § 6, effective July 1. L. 97: (1) amended, p. 1503, § 13, effective June 3. L. 2002: (1) amended, p. 1833, § 71, effective July 1; (1) amended, p. 1697, § 69, effective October 1. L. 2003: (1) amended, p. 2265, § 178, effective July 1, 2004. L. 2004: (1) amended, p. 1459, § 181, effective July 1.
(h) Any other matters relating to the limited liability company or the articles of organization the persons forming the limited liability company determine to include therein.
Source: L. 90: Entire article added, p. 418, § 1, effective April 18. L. 94: (1)(b), (1)(d), and (1)(e) amended and (1)(f) added, p. 712, § 7, effective July 1. L. 97: (2) amended, p. 1503, § 14, effective June 3. L. 2003: Entire section amended, p. 2265, § 179, effective July 1, 2004. L. 2004: (1)(b.5) and (1)(d) amended and (1)(g) and (1)(h) added, p. 1460, § 182, effective July 1.
Source: L. 90: Entire article added, p. 419, § 1, effective April 18. L. 2002: Entire section repealed, p. 1861, § 163, effective July 1; entire section repealed, p. 1728, § 163, effective October 1.
A limited liability company is formed when its articles of organization become effective.
Source: L. 90: Entire article added, p. 419, § 1, effective April 18. L. 2000: (3) amended, p. 959, § 41, effective July 1. L. 2002: (2) amended, p. 1833, § 72, effective July 1; (2) amended, p. 1697, § 70, effective October 1. L. 2003: Entire section R&RE, p. 2266, § 180, effective July 1, 2004.
The fact that the articles of organization are on file in the records of the secretary of state is notice that the limited liability company is a limited liability company and is notice of all other facts stated therein that are required to be stated in the articles of organization by section 7-80-204.
Source: L. 90: Entire article added, p. 420, § 1, effective April 18. L. 97: Entire section amended, p. 1503, § 15, effective June 3. L. 2003: Entire section amended, p. 2266, § 181, effective July 1, 2004. L. 2004: Entire section amended, p. 1460, § 183, effective July 1.
This notice provision applies only where a third party seeks to impose liability on a limited liability company's (LLC) members or managers simply because of their status as members or managers of the LLC. When a third party sues a manager or member of an LLC under an agency theory, the principles of agency law apply notwithstanding the Colorado Limited Liability Company Act's statutory notice rules. Water, Waste & Land, Inc. v. Lanham, 955 P.2d 997 (Colo. 1998).
The general assembly did not intend this notice provision to alter the partially disclosed principal doctrine. The legislature did not intend the notice language to relieve the agent of an LLC of the duty to disclose its identity in order to avoid personal liability. Water, Waste & Land, Inc. v. Lanham, 955 P.2d 997 (Colo. 1998).
Where an agent fails to disclose either the fact that he is acting on behalf of a principal or the identity of the principal, this notice provision cannot relieve the agent of liability to a third party. Water, Waste & Land, Inc. v. Lanham, 955 P.2d 997 (Colo. 1998).
When a third party deals with an agent acting on behalf of an LLC, the existence and identity of which has been disclosed, the third party is conclusively presumed to know that the entity is an LLC and not a partnership or some other type of business organization. Water, Waste & Land, Inc. v. Lanham, 955 P.2d 997 (Colo. 1998).
(b) There is a false or erroneous statement in the articles of organization.
(1.5) An amendment to the articles of organization is invalid unless approved by all of the members or in such other manner as may be provided in the operating agreement.
(b) The amendment to the articles of organization.
Source: L. 90: Entire article added, p. 420, § 1, effective April 18. L. 94: (1)(c), (1)(d), and (2) amended and (1.5) added, p. 713, § 8, effective July 1. L. 2002: (2) to (4) amended, p. 1833, § 73, effective July 1; (2) to (4) amended, p. 1697, § 71, effective October 1. L. 2003: IP(1), (1)(a), and (2) amended, p. 2266, § 182, effective July 1, 2004. L. 2004: (1.5) amended, p. 938, § 5, effective July 1; (5) added, p. 1460, § 184, effective July 1.
Editor's note: This part was originally enacted in 1990. The substantive provisions of this part were repealed and reenacted in 2003, causing some addition, relocation, and elimination of sections as well as subject matter. For prior amendments, consult the red book table distributed with the session laws; the 1997 through 2002 Colorado Revised Statutes; and the 1996 annual supplement to the 1986 replacement volume.
Part 7 of article 90 of this title, providing for registered agents and service of process, applies to limited liability companies formed under this article. Part 5 of article 90 of this title, providing for annual reports, applies to limited liability companies formed under this article.
Source: L. 2003: Entire part R&RE, p. 2267, § 183, effective July 1, 2004.
Editor's note: This part was originally enacted in 1990. The substantive provisions were repealed and reenacted in 2004, causing some addition, relocation, and elimination of sections as well as subject matter. For prior amendments, consult the red book table distributed with the session laws; the 1997 through 2003 Colorado Revised Statutes; and the 1996 annual supplement to the 1986 replacement volume.
(1) Except as provided in subsection (2) of this section, decisions with respect to a limited liability company shall be made by a majority of the members or, if the limited liability company has one or more managers, by a majority of the managers.
(c) Authorize an act of the limited liability company that is not in the ordinary course of the business of the limited liability company.
(3) A person or persons who will be admitted as a member or members pursuant to section 7-80-701 (2) may, by unanimous consent, amend the operating agreement to be effective immediately before the admission of the person or persons.
Source: L. 2004: Entire part R&RE, p. 938, § 6, effective July 1. L. 2006: (1) amended and (3) added, p. 857, § 21, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2004. Provisions of this section, as it existed in 2004, are similar to those contained in § 7-80-401 as said section existed in 2003, the year prior to the repeal and reenactment of this part.
The members of a limited liability company, the articles of organization of which provide that management of the limited liability company is vested in one or more managers, may designate one or more persons to be managers. A manager who is an individual shall be eighteen years of age or older. Managers may be designated and removed by the consent of a majority of the members.
Source: L. 2004: Entire part R&RE, p. 939, § 6, effective July 1. L. 2006: Entire section amended, p. 857, § 22, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2004. Provisions of this section, as it existed in 2004, are similar to those contained in § 7-80-402 as said section existed in 2003, the year prior to the repeal and reenactment of this part.
(1) A limited liability company may have one or more officers or other agents with such titles, rights, duties, and authority as the limited liability company may determine. An officer or an agent who is an individual shall be eighteen years of age or older. Except as provided in subsection (2) of this section, officers and other agents may be designated or removed, and their titles, rights, duties, and authority may be established, by the consent of a majority of the members or, if the limited liability company has one or more managers, by a majority of the managers.
(2) Officers and other agents may be given authority to do any act that is not in the ordinary course of the business of the limited liability company only with the consent of all of the members.
Source: L. 2004: Entire part R&RE, p. 939, § 6, effective July 1. L. 2006: Entire section amended, p. 857, § 23, effective July 1.
(c) Refrain from competing with the limited liability company in the conduct of the limited liability company business before the dissolution of the limited liability company.
(2) Each member in a limited liability company, the articles of organization of which provide that management is vested in the members, and each manager owes to the limited liability company a duty of care in the conduct and winding up of the business of the limited liability company, which shall be limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law.
(3) Each member and each manager shall discharge the member's or manager's duties to the limited liability company and exercise any rights consistently with the contractual obligation of good faith and fair dealing.
(4) A member in a limited liability company, the articles of organization of which provide that management is vested in the members, or a manager does not violate a duty or obligation to the limited liability company solely because the member's or manager's conduct furthers the member's or manager's own interest.
Source: L. 2004: Entire part R&RE, p. 939, § 6, effective July 1. L. 2006: Entire section amended, p. 857, § 24, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2004. Provisions of this section, as it existed in 2004, are similar to those contained in § 7-80-406 as said section existed in 2003, the year prior to the repeal and reenactment of this part.
Law reviews. For article, "No Paper Required: Business Entity Legislation Makes Life Easier for Business Lawyers", see 33 Colo. Law. 11 (June 2004).
(b) Each manager is an agent of the limited liability company for the purposes of its business and an act of a manager, including the execution of an instrument in the name of the limited liability company, for apparently carrying on in the ordinary course the business of the limited liability company or business of the kind carried on by the limited liability company binds the limited liability company, unless the manager had no authority to act for the limited liability company in the particular matter and the person with whom the manager was dealing had notice that the manager lacked authority.
(2) If the articles of organization provide that management of the limited liability company is vested in the members, each member is an agent of the limited liability company for the purposes of its business and an act of a member, including the execution of an instrument in the name of the limited liability company, for apparently carrying on in the ordinary course the business of the limited liability company or business of the kind carried on by the limited liability company binds the limited liability company, unless the member had no authority to act for the limited liability company in the particular matter and the person with whom the member was dealing had notice that the member lacked authority.
Source: L. 2004: Entire part R&RE, p. 940, § 6, effective July 1. L. 2006: Entire section amended, p. 858, § 25, effective July 1.
Source: L. 2004: Entire part R&RE, p. 940, § 6, effective July 1. L. 2006: Entire section repealed, p. 884, § 87, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2004. Provisions of this section, as it existed in 2004, are the same as those contained in § 7-80-409 as said section existed in 2003, the year prior to the repeal and reenactment of this part.
A limited liability company shall reimburse a person who is or was a member or manager for payments made, and indemnify a person who is or was a member or manager for liabilities incurred by the person, in the ordinary course of the business of the limited liability company or for the preservation of its business or property, if such payments were made or liabilities incurred without violation of the person's duties to the limited liability company.
Source: L. 2004: Entire part R&RE, p. 940, § 6, effective July 1. L. 2006: Entire section amended, p. 859, § 26, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2004. Provisions of this section, as it existed in 2004, are similar to those contained in § 7-80-410 as said section existed in 2003, the year prior to the repeal and reenactment of this part.
(f) Other information regarding the affairs of the limited liability company as is just and reasonable.
(2) Each manager shall have the right to examine all of the information described in paragraph (a) of subsection (1) of this section for a purpose reasonably related to the position of manager.
(3) Each member of a limited liability company and each manager shall have the right to keep confidential from the members, for such period of time as the members or managers deem reasonable, any information that the members or managers reasonably believe to be in the nature of trade secrets or that the limited liability company is required by law or by agreement with a third party to keep confidential.
(4) A limited liability company may maintain its records in other than a written form if such form is capable of conversion into written form within a reasonable time.
(5) Any demand by a member under this section shall be in writing and shall state the purpose of the demand.
Source: L. 2004: Entire part R&RE, p. 941, § 6, effective July 1. L. 2006: (1)(d) and (3) amended, p. 859, § 27, effective July 1. L. 2007: (6) added, p. 226, § 16, effective May 29.
Editor's note: This section was contained in a part that was repealed and reenacted in 2004. Provisions of this section, as it existed in 2004, are similar to those contained in § 7-80-411 as said section existed in 2003, the year prior to the repeal and reenactment of this part.
The contribution of a member may be in cash, property, or services rendered or a promissory note or other obligation to contribute cash or property or to perform services. A person may be admitted to a limited liability company as a member of the limited liability company and may receive a membership interest in the limited liability company without making a contribution or being obligated to make a contribution to the limited liability company. Unless otherwise provided in the operating agreement, a person may be admitted to a limited liability company as a member of the limited liability company without acquiring a membership interest in the limited liability company. Unless otherwise provided in the operating agreement, a person may be admitted as the sole member of a limited liability company without making a contribution or being obligated to make a contribution to the limited liability company or without acquiring a membership interest in the limited liability company.
Source: L. 90: Entire article added, p. 431, § 1, effective April 18. L. 2004: Entire section amended, p. 942, § 7, effective July 1. L. 2005: Entire section amended, p. 1203, § 3, effective October 1.
(1) A member is obligated to the limited liability company to perform any enforceable promise to contribute cash or property or to perform services, even if the member is unable to perform because of death, disability, or any other reason. If a member does not make the required contribution of property or services, the member is obligated at the option of the limited liability company to contribute cash equal to that portion of the value, as stated in the limited liability records required to be kept by section 7-80-408, of such contribution that has not been made.
(2) The obligation of a member to make a contribution or return money or other property paid or distributed in violation of this article may be compromised only by consent in writing of all the members. Notwithstanding the compromise, a creditor of a limited liability company who extends credit or otherwise acts in reliance on the original obligation may enforce the original obligation.
(3) No promise by a member to contribute to the limited liability company is enforceable unless set out in a writing signed by the member.
Source: L. 90: Entire article added, p. 431, § 1, effective April 18. L. 94: (1) and (2) amended, p. 716, § 18, effective July 1. L. 2004: (1) amended, p. 942, § 8, effective July 1.
The profits and losses of a limited liability company shall be allocated among the members and among classes of members on the basis of the value, as stated in the limited liability company records required to be kept pursuant to section 7-80-408, of the contributions made by each member.
Source: L. 90: Entire article added, p. 431, § 1, effective April 18. L. 94: Entire section amended, p. 717, § 19, effective July 1. L. 2004: Entire section amended, p. 942, § 9, effective July 1.
Distributions of cash or other assets of a limited liability company shall be allocated among the members and among classes of members on the basis of the value, as stated in the limited liability company records required to be kept pursuant to section 7-80-408, of the contributions made by each member.
Source: L. 90: Entire article added, p. 431, § 1, effective April 18. L. 94: Entire section amended, p. 717, § 20, effective July 1. L. 2004: Entire section amended, p. 942, § 10, effective July 1.
Law reviews: For article, "Limited Liability Companies: Structuring Members' Economic Rights", see 34 Colo. Law. 73 (August 2005).
Except as provided in this part 6, a member is entitled to receive distributions from a limited liability company before the member's resignation from the limited liability company and before the dissolution and winding up thereof to the extent and at the times or upon the happening of the events stated in the operating agreement or as otherwise agreed by all of the members.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 97: Entire section amended, p. 1505, § 18, effective June 3. L. 2003: Entire section amended, p. 2267, § 186, effective July 1, 2004.
A member may resign from a limited liability company at any time by giving notice to the other members, but, if the resignation violates the operating agreement, the limited liability company may recover from the resigning member damages for breach of the operating agreement and offset the damages against the amount otherwise distributable to the resigning member.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 94: Entire section amended, p. 717, § 21, effective July 1. L. 2004: Entire section amended, p. 943, § 11, effective July 1.
A member who has resigned shall have no right to participate in the management of the business and affairs of the limited liability company and is entitled only to receive the share of the profits or other compensation by way of income and the return of contributions, to which such member would have been entitled if the member had not resigned.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 94: Entire section amended, p. 717, § 22, effective July 1. L. 2007: Entire section amended, p. 227, § 17, effective May 29.
A member, regardless of the nature of the member's contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. A member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to the member exceeds a percentage of that asset that is equal to the percentage in which the member shares in distributions from the limited liability company.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 94: Entire section amended, p. 718, § 23, effective July 1. L. 2004: Entire section amended, p. 1460, § 185, effective July 1.
At the time a member becomes entitled to receive a distribution, the member has the status of and is entitled to all remedies available to a creditor of the limited liability company with respect to the distribution.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 2004: Entire section amended, p. 1461, § 186, effective July 1.
(1) A limited liability company shall not make a distribution to a member to the extent that at the time of distribution, after giving effect to the distribution, all liabilities of the limited liability company, other than liabilities to members on account of their membership interests and liabilities for which the recourse of creditors is limited to a specific property of the limited liability company, exceed the fair value of the assets of the limited liability company; except that the fair value of property that is subject to a liability for which the recourse of creditors is limited shall be included in the assets of the limited liability company only to the extent that the fair value of that property exceeds that liability. For purposes of this subsection (1), the term "distribution" shall not include payments to the extent that the payments do not exceed amounts equal to or constituting reasonable compensation for present or past services or reasonable payments made in the ordinary course of business pursuant to a bona fide retirement plan or other benefits program.
(2) A member who receives a distribution in violation of subsection (1) of this section, and who knew at the time of the distribution that the distribution violated subsection (1) of this section, shall be liable to the limited liability company for the amount of the distribution. A member who receives a distribution in violation of subsection (1) of this section, and who did not know at the time of the distribution that the distribution violated subsection (1) of this section, shall not be liable for the amount of the distribution. Subject to subsection (3) of this section, this subsection (2) shall not affect any obligation or liability of a member under an agreement or other applicable law for the amount of a distribution.
(3) Unless otherwise agreed, a member who receives a distribution from a limited liability company shall have no liability under this article or other applicable law for the amount of the distribution after the expiration of three years from the date of the distribution unless an action to recover the distribution from such member is commenced prior to the expiration of the said three-year period and an adjudication of liability against such member is made in the said action.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 2006: Entire section amended, p. 860, § 28, effective July 1. L. 2007: (1) amended, p. 227, § 18, effective May 29.
Source: L. 90: Entire article added, p. 432, § 1, effective April 18. L. 94: (1) repealed, p. 718, § 24, effective July 1. L. 2004: (2) and (3) amended, p. 943, § 12, effective July 1. L. 2006: Entire section repealed, p. 884, § 87, effective July 1.
(1) After the filing of a limited liability company's original articles of organization, one or more persons may be admitted as an additional member or members upon the consent of all members.
(2) At any time that a limited liability company has no members, upon the unanimous consent of all the persons holding by assignment or transfer any of the membership interest of the last remaining member of the limited liability company, one or more persons, including an assignee or transferee of the last remaining member, may be admitted as a member or members.
Source: L. 90: Entire article added, p. 433, § 1, effective April 18. L. 2004: Entire section amended, p. 943, § 13, effective July 1. L. 2006: Entire section amended, p. 860, § 29, effective July 1.
(1) The interest of each member in a limited liability company constitutes the personal property of the member and may be assigned or transferred. Unless the assignee or transferee is admitted as a member, the assignee or transferee shall only be entitled to receive the share of profits or other compensation by way of income and the return of contributions to which that member would otherwise be entitled and shall have no right to participate in the management of the business and activities of the limited liability company or to become a member.
(2) A member ceases to be a member upon assignment or transfer of all the member's membership interest. A person to whom all of a member's membership interest has been assigned or transferred and who has been admitted as a member has all the rights and powers and is subject to all the restrictions and liabilities of the assignor or transferor with respect to the portion of the membership interest assigned or transferred. The admission of the assignee or transferee releases the assignor or transferor from liability to the limited liability company other than for liabilities under section 7-80-502 or 7-80-606.
(3) A person to whom a portion of a member's membership interest has been assigned or transferred and who has been admitted as a member has all the rights and powers and is subject to all the restrictions and liabilities of the assignor or transferor with respect to the portion of the membership interest assigned or transferred. The admission of the assignee or transferee terminates the assignor's or transferor's rights and powers as a member with respect to the portion of the membership interest assigned or transferred and releases the assignor or transferor from liability to the limited liability company with respect to the portion of the membership interest assigned or transferred other than for liabilities under section 7-80-502 or 7-80-606.
Source: L. 90: Entire article added, p. 433, § 1, effective April 18. L. 94: (1) amended, p. 718, § 25, effective July 1. L. 2004: Entire section amended, p. 943, § 14, effective July 1. L. 2006: Entire section amended, p. 861, § 30, effective July 1. L. 2007: (2) amended, p. 227, § 19, effective May 29.
Where there are no other members in the limited liability company (LLC), the debtor's bankruptcy filing effectively assigned her entire membership interest in the LLC to the bankruptcy estate, and the trustee obtained all of the debtor's rights, including the right to control the management of the LLC. In re Albright, 291 B.R. 538 (Bankr. D. Colo. 2003).
Because the trustee became the sole member of the LLC upon the debtor's bankruptcy filing, the trustee controls, directly or indirectly, all governance of that entity, including any decision regarding liquidation of the entity's assets. Therefore, the trustee may cause the LLC to sell its property and distribute net proceeds to the bankruptcy estate. Alternatively, the trustee may elect to distribute the LLC's property to the bankruptcy estate, and, in turn, liquidate the property himself. In re Albright, 291 B.R. 538 (Bankr. D. Colo. 2003).
Membership interest may be a "security". The presumption that a general partnership interest is not a security is not applicable to a limited liability partnership interest in Colorado. Instead, the structure of the entity and the terms of the agreement will control. Toothman v. Freeborn & Peters, 80 P.3d 804 (Colo. App. 2002).
Source: L. 90: Entire article added, p. 433, § 1, effective April 18. L. 97: Entire section amended, p. 1505, § 19, effective June 3. L. 2006: Entire section amended, p. 862, § 31, effective July 1.
Law reviews. For article, "Charging Partnership and LLC Interests To Satisfy Debts of Individuals", see 23 Colo. Law. 2743 (1994).
(1) If a member who is an individual dies or a court of competent jurisdiction appoints a guardian or general conservator for the member, the member's executor, administrator, guardian, conservator, or other legal representative may exercise all of the powers of an assignee or transferee of the member.
(2) If a member other than an individual is dissolved or terminated, the legal representative or successor of the member may exercise all of the powers of an assignee or transferee of the member.
Source: L. 90: Entire article added, p. 433, § 1, effective April 18. L. 94: Entire section amended, p. 718, § 26, effective July 1. L. 2004: (1) amended, p. 1461, § 187, effective July 1. L. 2006: (2) and (3) amended, p. 862, § 32, effective July 1.
Members and managers of limited liability companies are not liable under a judgment, decree, or order of a court, or in any other manner, for a debt, obligation, or liability of the limited liability company.
Source: L. 90: Entire article added, p. 434, § 1, effective April 18.
(1) Subject to the provisions of this article that require majority or unanimous consent, vote, or agreement of the members, the operating agreement may grant to all or a stated group of the members the right to consent, vote, or agree, on a per capita or other basis, upon any matter.
(2) Any member may vote in person or by proxy.
Source: L. 90: Entire article added, p. 434, § 1, effective April 18. L. 94: (2) amended, p. 719, § 27, effective July 1. L. 2003: (1) amended, p. 2267, § 187, effective July 1, 2004.
Source: L. 90: Entire article added, p. 434, § 1, effective April 18. L. 94: (3) amended, p. 719, § 28, effective July 1. L. 2003: (1) and (4)(b) amended, p. 2268, § 188, effective July 1, 2004. L. 2004: Entire section repealed, p. 944, § 15, effective July 1; entire section repealed, p. 1461, § 188, effective July 1.
Source: L. 90: Entire article added, p. 435, § 1, effective April 18. L. 94: Entire section amended, p. 719, § 29, effective July 1. L. 2004: Entire section repealed, p. 944, § 16, effective July 1; entire section repealed, p. 1462, § 189, effective July 1.
Source: L. 90: Entire article added, p. 435, § 1, effective April 18. L. 94: (3) amended, p. 719, § 30, effective July 1. L. 2004: Entire section repealed, p. 944, § 17, effective July 1; entire section repealed, p. 1462, § 190, effective July 1.
Source: L. 90: Entire article added, p. 435, § 1, effective April 18. L. 2004: Entire section repealed, p. 945, § 18, effective July 1; entire section repealed, p. 1462, § 191, effective July 1.
Source: L. 90: Entire article added, p. 435, § 1, effective April 18. L. 94: (1) amended, p. 719, § 31, effective July 1. L. 2003: (1) amended, p. 2268, § 189, effective July 1, 2004. L. 2004: Entire section repealed, p. 945, § 19, effective July 1; entire section repealed, p. 1463, § 192, effective July 1.
Source: L. 90: Entire article added, p. 436, § 1, effective April 18. L. 2003: IP(1)(b) amended, p. 2268, § 190, effective July 1, 2004. L. 2004: Entire section repealed, p. 946, § 20, effective July 1.
(b) It appears that the member fairly and adequately represents the interests of the members similarly situated in enforcing the right of the limited liability company.
(2) For purposes of this part 7, "derivative proceeding" means a civil suit in the right of a domestic limited liability company or, to the extent provided in section 7-80-719, in the right of a foreign limited liability company.
Source: L. 2002: Entire section added, p. 1725, § 160, effective October 1.
Law reviews. For article, "Business Entity Legislation 2002: Filing Procedures and LLC Changes", see 31 Colo. Law. 55 (November 2002).
(II) Irreparable injury to the limited liability company would result from waiting for the expiration of the thirty-day period.
For the purpose of allowing the limited liability company time to undertake an inquiry into the allegations made in a demand or complaint commenced pursuant to this part 7, the court may stay any derivative proceeding for such period as the court deems appropriate.
(1) A derivative proceeding commenced pursuant to this part 7 shall be dismissed by the court on motion by the limited liability company if any one of the groups specified in subsection (2) of this section has determined in good faith, after conducting an inquiry upon which the determination is based, that the maintenance of the derivative action is not in the best interests of the limited liability company.
(2) (a) Subject to the requirements of paragraph (b) of this subsection (2), the determination whether the maintenance of the derivative proceeding is in the best interests of the limited liability company shall be made by the independent manager of the limited liability company or, where there is more than one such manager, by a majority of said managers; except that, if there is no independent manager of the limited liability company or if the majority of such managers is unable to make the determination, the determination shall be made by a majority of the independent members of the limited liability company.
(b) If the determination is not made pursuant to paragraph (a) of this subsection (2), the determination shall be made by the person, or, in the case of more than one person, by a majority of such persons, sitting upon a panel of one or more persons appointed by a court upon motion filed with the court by the limited liability company for such purposes.
(3) The court shall appoint only independent persons to the panel described in paragraph (b) of subsection (2) of this section.
(c) The making of the demand pursuant to section 7-80-714 or the commencement of the derivative proceeding pursuant to this section.
(5) Subject to section 7-80-717, a panel appointed by the court pursuant to paragraph (b) of subsection (2) of this section shall have such authority to continue, settle, or discontinue the derivative proceeding as the court may confer upon such panel.
(6) The plaintiff in the derivative proceeding shall have the burden of proving that any of the requirements of subsections (1) and (2) of this section have not been met.
No derivative proceeding commenced pursuant to this part 7 shall be discontinued or settled without the approval of the court. Where the court determines that a proposed discontinuance or settlement will substantially affect the interests of the members of the limited liability company, the court shall direct that notice be given to the members affected.
Source: L. 2002: Entire section added, p. 1726, § 160, effective October 1.
On the termination of a derivative proceeding commenced pursuant to this part 7, where the court finds that the proceeding has resulted in a substantial benefit to the limited liability company, the court may order the limited liability company to pay the plaintiff's reasonable expenses, including attorney fees, incurred by the plaintiff in connection with the maintenance of such proceeding. On the termination of a derivative proceeding commenced pursuant to this part 7, where the court finds that the proceeding was commenced or maintained without reasonable cause or for an improper purpose, the court may order the plaintiff to pay any of the defendant's reasonable expenses, including attorney fees, incurred by the defendant in connection with the defense of such proceeding.
In any derivative proceeding in the right of a foreign limited liability company, the right of a person to commence or maintain a derivative proceeding in the right of a foreign limited liability company and any matters raised in such proceeding covered by sections 7-80-713 to 7-80-718 shall be governed by the law of the jurisdiction under which the foreign limited liability company was formed; except that any matters raised in such proceeding covered by sections 7-80-715 and 7-80-717 shall be governed by the law of this state.
Source: L. 2002: Entire section added, p. 1727, § 160, effective October 1. L. 2003: Entire section amended, p. 2268, § 191, effective July 1, 2004.
Editor's note: This part was originally enacted in 1990. The substantive provisions of this part 8 were repealed and reenacted in 2003, causing some addition, relocation, and elimination of sections as well as subject matter. For prior amendments, consult the red book table distributed with the session laws; the 1997 through 2002 Colorado Revised Statutes; and the 1996 annual supplement to the 1986 replacement volume.
(II) The date on which a statement of dissolution of the limited liability company becomes effective pursuant to section 7-90-304.
Source: L. 2003: Entire part R&RE, p. 2269, § 192, effective July 1, 2004. L. 2004: Entire section amended, p. 946, § 21, effective July 1. L. 2006: Entire section amended, p. 862, § 33, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2003. Provisions of this section, as it existed in 2003, are similar to those contained in § 7-80-801 as said section existed in 2002, the year prior to the repeal and reenactment of this part.
(b) The principal office address of the limited liability company's principal office.
(2) A limited liability company is dissolved as provided in section 7-80-801.
(b) The date on which such person first has actual knowledge of the dissolution.
Source: L. 2003: Entire part R&RE, p. 2269, § 192, effective July 1, 2004. L. 2004: (1) amended, p. 1463, § 193, effective July 1. L. 2006: (2) amended and (3) added, p. 863, § 34, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2003. Provisions of this section, as it existed in 2003, are similar to those contained in § 7-80-806 as it existed in 2002, the year prior to the repeal and reenactment of this part.
(e) Doing every other act necessary to wind up and liquidate its business and affairs.
(2) A dissolved limited liability company may dispose of claims against it pursuant to sections 7-90-911 and 7-90-912.
Source: L. 2003: Entire part R&RE, p. 2269, § 192, effective July 1, 2004. L. 2006: (2) added, p. 863, § 35, effective July 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2003. Provisions of this section, as it existed in 2003, are similar to those contained in § 8-80-807 as said section existed in 2002, the year prior to the repeal and reenactment of this part.
(1) After dissolution, the manager or, if there is no manager, any member may wind up the limited liability company's business, but on application of any member, member's legal representative, or member's assignee or transferee, the district court, for good cause shown, may order judicial supervision of the winding up.
(2) The legal representative, assignee, or transferee of the last remaining member may wind up the limited liability company's business if the limited liability company dissolves.
(3) A person winding up a limited liability company's business may preserve the business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle disputes, settle and close the limited liability company's business, dispose of and transfer the limited liability company's property, discharge or provide for obligations of the limited liability company, distribute the assets of the limited liability company pursuant to section 7-80-803 (1) (d), and perform other necessary acts.
Source: L. 2006: Entire section added, p. 863, § 36, effective July 1.
(b) Would have bound the limited liability company under section 7-80-405 before dissolution, if the other party to the transaction did not have notice of the dissolution.
Source: L. 2003: Entire part R&RE, p. 2269, § 192, effective July 1, 2004. L. 2006: Entire section repealed, p. 884, § 87, effective July 1.
Source: L. 2003: Entire part R&RE, p. 2270, § 192, effective July 1, 2004. L. 2006: Entire section repealed, p. 884, § 87, effective July 1.
Source: L. 2003: Entire part R&RE, p. 2271, § 192, effective July 1, 2004. L. 2006: Entire section repealed, p. 884, § 87, effective July 1.
Source: L. 2003: Entire part R&RE, p. 2271, § 192, effective July 1, 2004. L. 2004: IP(1) amended, p. 1463, § 194, effective July 1. L. 2005: Entire section repealed, p. 1218, § 26, effective October 1.
Source: L. 2003: Entire part R&RE, p. 2272, § 192, effective July 1, 2004. L. 2004: (1) and (2) amended, p. 946, § 22, effective July 1; (1) and (2) amended, p. 1463, § 195, effective July 1. L. 2005: Entire section repealed, p. 1218, § 26, effective October 1.
Editor's note: (1) Amendments to subsection (1) by House Bill 04-1398 and House Bill 04-1399 were harmonized.
(2) Subsection (2) was amended in House Bill 04-1399. Those amendments were superseded by amendments made to that section by House Bill 04-1398.
Source: L. 2003: Entire part R&RE, p. 2272, § 192, effective July 1, 2004. L. 2004: Entire section repealed, p. 1464, § 196, effective July 1.
(b) The limited liability company has continued to exceed or abuse the authority conferred upon it by law.
(2) A limited liability company may be dissolved in a proceeding by or for a member or manager of the limited liability company if it is established that it is not reasonably practicable to carry on the business of the limited liability company in conformity with the operating agreement of said company.
(b) The limited liability company is insolvent and the limited liability company has admitted in writing that the creditor's claim is due and owing.
(II) The attorney general, a member, a manager, or a creditor, as the case may be, may bring a proceeding to wind up and liquidate the business and affairs of the limited liability company under judicial supervision in accordance with section 7-80-803, upon establishing the grounds set forth for such person, respectively, in subsections (1) to (3) of this section.
Source: L. 2003: Entire part R&RE, p. 2273, § 192, effective July 1, 2004. L. 2004: (4)(b) amended, p. 1464, § 197, effective July 1. L. 2005: IP(4)(a) amended, p. 1219, § 28, effective October 1.
Editor's note: This section was contained in a part that was repealed and reenacted in 2003. Provisions of this section, as it existed in 2003, are similar to those contained in § 7-80-808 as said section existed in 2002, the year prior to the repeal and reenactment of this part 8.
(1) A judicial proceeding by the attorney general to dissolve a limited liability company shall be brought in the district court for the county in this state in which the street address of the limited liability company's principal office or the street address of its registered agent is located or, if the limited liability company has no principal office in this state and no registered agent, in the district court for the city and county of Denver. A judicial proceeding brought by any other party named in section 7-80-810 to dissolve a limited liability company shall be brought in the district court for the county in this state in which the street address of the limited liability company's principal office is located or, if it has no principal office in this state, in the district court for the county in which the street address of its registered agent is located, or, if the limited liability company has no registered agent, in the district court for the city and county of Denver.
(2) It is not necessary to make managers or members parties to a judicial proceeding to dissolve a limited liability company unless relief is sought against them individually.
(3) A court in a judicial proceeding brought to dissolve a limited liability company may issue injunctions, appoint a receiver or custodian pendente lite with all powers and duties the court directs, take other action required to preserve the limited liability company's assets wherever located, and carry on the business of the limited liability company until a full hearing can be held.
Source: L. 2003: Entire part R&RE, p. 2274, § 192, effective July 1, 2004. L. 2004: Entire section amended, p. 1464, § 198, effective July 1. L. 2006: (2) amended, p. 864, § 37, effective July 1.
(1) A court in a judicial proceeding brought to dissolve a limited liability company may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the business and affairs of the limited liability company. The court shall hold a hearing, after giving notice to all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian has exclusive jurisdiction over the limited liability company and all of its property, wherever located.
(2) The court may appoint an individual, a domestic entity, or a foreign entity authorized to transact business or conduct activities in this state as a receiver or custodian. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.
(b) The custodian, with the authority of a manager of a limited liability company, the articles of organization of which provide that it is to be managed by managers, may exercise all of the powers of the limited liability company, through or in place of its managers or members, to the extent necessary to manage the affairs of the limited liability company in the best interests of its members and creditors.
(4) The court during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver, if doing so is in the best interests of the limited liability company and its members and creditors.
(5) The court from time to time during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to the receiver or custodian and such person's counsel from the assets of the limited liability company or proceeds from the sale of the assets.
Source: L. 2003: Entire part R&RE, p. 2274, § 192, effective July 1, 2004. L. 2006: (3)(b) amended, p. 864, § 38, effective July 1.
(1) If, in a judicial proceeding brought to dissolve a limited liability company, after a hearing the court determines that one or more grounds for judicial dissolution described in section 7-80-810 exist, it may enter a decree dissolving the limited liability company and stating the effective date of the dissolution, and the clerk of the court shall deliver a certified copy of the decree to the secretary of state for filing pursuant to part 3 of article 90 of this title.
(2) After entering the decree of dissolution, the court shall direct the winding up and liquidation of the limited liability company's business and affairs in accordance with section 7-80-803 and the giving of notice to claimants in accordance with sections 7-90-911 and 7-90-912.
(3) The court's order or decision may be appealed as in other civil proceedings.
Source: L. 2003: Entire part R&RE, p. 2275, § 192, effective July 1, 2004. L. 2004: (1) and (2) amended, p. 1465, § 199, effective July 1. L. 2006: (2) amended, p. 864, § 39, effective July 1.
Editor's note: This part was originally enacted in 1990. The substantive provisions of this part 9 were repealed and reenacted in 2003, causing some addition, relocation, and elimination of sections as well as subject matter. For prior amendments, consult the red book table distributed with the session laws; the 1997 through 2002 Colorado Revised Statutes; and the 1996 annual supplement to the 1986 replacement volume.
Part 8 of article 90 of this title, providing for the transaction of business or the conduct of activities by foreign entities, applies to foreign limited liability companies.
Source: L. 2003: Entire part R&RE, p. 2275, § 193, effective July 1, 2004.
Part 7 of article 90 of this title, providing for registered agents and service of process, applies to foreign limited liability companies.
Editor's note: (1) This part was originally enacted in 1994. For amendments prior to its repeal in 2004, consult the red book table distributed with the session laws; the 1997 through 2003 Colorado Revised Statutes; and the annual supplements to the 1986 Replacement Volume prior to 1997.
(1) A limited liability company formed under this article prior to July 1, 1994, shall be governed by the provisions of this article.
Source: L. 94: Entire part added, p. 725, § 34, effective July 1. L. 2004: Entire section amended, p. 1465, § 200, effective July 1.

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