The Clayton N. Little Professor of Law, Carol Goforth, received the Arkansas Bar Association Legislative Award at the association's annual conference on June 17. The recognition was to honor Goforth's work and commitment that led to the passage of the Senate Bill 601, which formed the Arkansas Uniform Limited Liability Company Act.

Arkansas first authorized Limited Liability Companies, often called LLCs, in 1993, in the Small Business Entity Tax Pass Through Act. U of A School of Law professors Goforth and Lonnie Beard wrote the first book examining the original Arkansas LLC statute, which had a number of uncommon provisions. While several amendments were made to the statute between 1993 and 2020, which did improve the act, many of the legal issues created by the original statutory language persisted.

In 2007, Goforth wrote her first article urging the state to adopt the Uniform LLC Act, "Why Arkansas Should Adopt the Revised Uniform Limited Liability Company Act" for UALR Law Review. A decade later, she continued to press the state for an update to the LLC Act and wrote, "Making the Case for the Uniform LLC Act (2013) in Arkansas."

In 2021, when state Sen. Jonathan Dismang sponsored Arkansas Senate Bill 601, Goforth spoke to the Arkansas Senate committee as well as the Arkansas House of Representatives committee, explaining the need for and benefits of the new statute. She also answered the questions the committee members raised. The result was the enactment of the Uniform LLC Act in the state, to be effective for all Arkansas LLCs in September 2021.

"I am extremely happy to have had a role, however small, in the enactment of the Uniform LLC Act in Arkansas," Goforth said. "I genuinely believe this is a positive development for entrepreneurs and their lawyers, and I look forward to teaching and writing about the new statute in the months and years to come."

"Professor Goforth's demonstrated commitment to cryptoassets, business associations and impact of laws and regulations on business and the economy make her one of our exceptional business law faculty members and leaders," said Margaret Sova McCabe, dean of the law school. "This award is a tribute to her terrific work. We are proud of her."

Goforth will publish "Heads up! Arkansas has a new LLC Act" in the Arkansas Law Notes later this summer. It aims to review some of the most significant changes to Arkansas law that lawyers and their business clients should be aware of.

Goforth specializes in business associations and securities regulation and has become a leading expert on the regulation of cryptoassets and transactions. West Academic published her new textbook, Regulation of Cryptotransactions, in March 2020. To the best of her knowledge, this was the first comprehensive textbook on the subject. She writes and comments frequently on crypto, including serving as an expert commentator for CoinTelegraph, with her posts regularly receiving thousands of views. She is also on the board of advisers to Honeycomb Digital Investments.

Goforth is a member of the academic faculty network at the Sam M. Walton College of Business Blockchain Center of Excellence. She also serves as the Arkansas Liaison to the Corporate Laws Committee of the Business Law Section of the American Bar Association.

The Arkansas Bar Association, founded in 1988, is the premier legal association in the state. As a voluntary organization of around 5,000 members, the association's primary mission is to support attorneys; advance the practice of law; advocate for the legal profession; foster professionalism, civility and integrity; and protect the rule of law.

About the University of Arkansas: As Arkansas' flagship institution, the U of A provides an internationally competitive education in more than 200 academic programs. Founded in 1871, the U of A contributes more than $2.2 billion to Arkansas' economy through the teaching of new knowledge and skills, entrepreneurship and job development, discovery through research and creative activity while also providing training for professional disciplines. The Carnegie Foundation classifies the U of A among the top 3% of U.S. colleges and universities with the highest level of research activity. U.S. News & World Report ranks the U of A among the top public universities in the nation. See how the U of A works to build a better world at Arkansas Research News.