Acronyms and New Terms

Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles.

Following are most of the acronyms and key terms used in this information on New LLC Act:

Acronym/Term Meaning
Activities The word in New LLC Act that is substituted for ‘business’
Certificate of Organization The term under New LLC Act for the charter document filed to form an LLC
Contribution The word adopted by New LLC Act to mean “any benefit provided by a person to a [LLC] to become a member . . .
Dissociation A new word under New LLC Act for ‘withdrawal’ by a member
Division Utah Division of Corporations and Commercial Code
Existing LLC Act Utah’s existing LLC Act before its repeal by SB 131
Interim distribution The term under New LLC Act to mean a non-liquidating distribution; term replaces ‘current distribution’ under Existing LLC Act
LLP A term under Parts 10 and 11 of UUPA to denote a general partnership with limited liability for its partners
LP Limited partnership
NCCUSL National Conference of Commissioners on Uniform State Laws [See “What is NCCUSL?”]
New LLC Act Term for Utah Revised Uniform Limited Liability Company Act adopted by SB 131, to replace Existing LLC Act
Record A word in New LLC Act that means a document or other “information inscribed on a tangible medium or stored in electronic or other medium and retrievable in perceivable form”
RULLCA Revised Uniform Limited Liability Company Act as promulgated by NCCUSL in 2006
RUPA Revised Uniform Partnership Act as promulgated by NCCUSL in 1997
SB 131 Utah Senate Bill 131 adopted by the 2011 General Session of Utah Legislature to repeal Existing LLC Act and to adopt New LLC Act
Transferable interest A new term adopted by New LLC Act to mean the right to receive distributions from an LLC; this term replaces ‘rights of an assignee’ under Existing LLC Act
Transferee A word in New LLC Act to denote a person to whom part or all of a transferable interest is transferred
ULPA Uniform Limited Partnership Act as promulgated by NCCUSL in 2001
UULPA Utah Uniform Limited Partnership Act adopted as part of SB 131 to replace existing Utah statute for limited partnerships
UUPA Utah Uniform Partnership Act adopted as part of SB 131 to replace existing Utah statute for general partnerships
URULLCA Utah Revised Uniform Limited Liability Company Act adopted as part of SB 131 to replace Existing LLC Act