Senate Bill 469 (Beverly – 1994)
Chapter 1200, Statutes of 1994
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The California Limited Liability Company Act was enacted in 1994 following legislative passage of Senate Bill 469. (See Exhibit A, #1k) Senator Robert Beverly introduced this measure on February 25, 1994. (See Exhibit A, #1a)
Senate Bill 469 was assigned to the Senate Committee on Judiciary and the Senate Committee on Revenue and Taxation where policy issues raised by the bill were considered. (See Exhibit A, #2 and #3) After approval by those Committees, the Senate Committee on Appropriations examined its fiscal ramifications. (See Exhibit A, #7) The Senate amended the bill on April 12 and September 10, 1993 and January 3, January 13, and January 26, 1994. (See Exhibit A, #1b through #1f and #2) Senate Bill 469 was approved by the Senate and forwarded to the Assembly on January 31, 1994. (See Exhibit A, #2)
While in the Assembly, the Committee on Judiciary and the Committee on Revenue and Taxation considered the policy issues raised by the bill. (See Exhibit A, #11 and #13) Subsequent to approval by those Committees, Senate Bill 469 was assigned to the Assembly Committee on Ways and Means which examined its fiscal implications. (See Exhibit A, #15) The Assembly amended the bill on four occasions, from June 13 to August 25, 1994. (See Exhibit A, #1g through #1j and #2) The Assembly thereafter approved the bill and returned it to the Senate. (See Exhibit A, #2)
The Senate approved the Assembly amendments and forwarded Senate Bill 469 to the Governor on September 13, 1994. (See Exhibit A, #2) Senate Bill 469 was signed by Governor Pete Wilson on September 30, 1994 and recorded by the Secretary of State on that date as Chapter 1200 of the Statutes of 1994. (See Exhibit A, #1k and #2)
Senate Bill 469 is an urgency statute and as such took effect immediately upon enactment. The facts constituting this necessity are:
Limited liability companies may presently do business in at least 43 of the United States. It is essential to the California economy that the state provide an attractive business environment, which includes provision for limited liability companies. In order to help stem the flow of business and jobs from California, protect the rights of Californians dealing with limited liability companies, and improve California's business climate and tax base, it is necessary that this act go into effect immediately.
(See Exhibit A, #1k, page 144)