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Corporate Law

Business as Usual?

Louisiana has updated its corporate laws by adopting legislation modeled off the Model Business Corporation Act (“MBCA”). The new set of laws is named “The Louisiana Business Corporation Act” and will replace Louisiana’s Business Corporation Law, which was enacted in 1968. The change occurred on May 30, 2014 when the Governor signed HB319 into law as Act 328. The new provisions will go into effect on January 1, 2015.

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Back to the Beginning – Veil Piercing

The longstanding rule that the analysis for “piercing the corporate veil” of an LLC is substantially the same as the analysis for piercing the veil of corporations has been called into question by the recent Louisiana Supreme Court decision in Ogea v. Travis Merritt and Merrit Construction, LLC, 2013-1085, — So.3d —. In Ogea, the Court addressed “the extent of the limitation of liability afforded to a member of an LLC” and the statutory basis for exceptions to this limited liability.

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