Carol Rose Goforth
Clayton N. Little law professor 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 which led to the passage of Senate Bill 601, which formed the Arkansas Uniform Limited Liability Company Act.
Arkansas first licensed limited liability companies, often referred to as LLCs, in 1993 under the Small Business Tax Passage Act. U of A Law School Professors Goforth and Lonnie Beard wrote the first book examining the original Arkansas LLC law, which contained a number of unusual provisions. Although several changes were made to the law between 1993 and 2020, which improved the law, many of the legal problems created by the original wording of the law have persisted.
In 2007, Goforth wrote his first article urging the state to pass the Uniform LLC Act, “Why Arkansas Should Pass the Revised Uniform Limited Liability Company Act” for Review of the UALR law. A decade later, she continued to lobby the state for an update to the LLC law and wrote, “Advocate for the LLC Uniform Law (2013) in Arkansas.
In 2021, when State Senator Jonathan Disman sponsored Arkansas Senate Bill 601, Goforth addressed the Arkansas Senate committee as well as the House of Representatives committee of Arkansas, explaining the need and benefits of the new statute. She also responded to questions raised by committee members. The result was the enactment of the Uniform LLC Law in the state, which will be effective for all LLCs in Arkansas as of September 2021.
“I am extremely happy to have played a role, however small, in the enactment of the LLC Uniform Law in Arkansas,” said Goforth. “I sincerely believe this is a positive development for entrepreneurs and their lawyers, and I look forward to teaching and writing about the new status in the months and years to come.”
“Professor Goforth’s demonstrated commitment to crypto-assets, professional associations and the impact of laws and regulations on business and the economy make her one of our outstanding professors and leaders in business law.” said Margaret Sova McCabe, dean of the law school. “This award is a tribute to her tremendous work. We are proud of her.”
Goforth will publish “Attention! Arkansas has a new LLC ‘law 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 trade associations and securities regulation and has become a leading expert in the regulation of crypto assets and transactions. West Academic has published its new textbook, Regulation of Cryptotransactions, in March 2020. To his knowledge, this was the first comprehensive manual on the subject. She writes and comments frequently on crypto, most notably as an expert commentator for CoinTelegraph, with her posts regularly receiving thousands of views. She is also a member of the board of directors of Honeycomb Digital Investments.
Goforth is a member of the faculty network at the Sam M. Walton College of Business Blockchain Center of Excellence. She also serves as the Arkansas liaison to the Corporate Law Committee of the Business Law Section of the American Bar Association.
The Arkansas Bar Association, founded in 1988, is the state’s premier legal association. As a voluntary organization of around 5,000 members, the association’s primary mission is to support lawyers; advance the practice of law; defend 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 offers internationally competitive education in over 200 academic programs. Founded in 1871, the U of A contributes more than $ 2.2 billion to the Arkansas economy through teaching new knowledge and skills, entrepreneurship and job development, discovery through research and creative activity while providing training in professional disciplines. The Carnegie Foundation ranks the U of A among the top 3% of colleges and universities in the United States with the highest level of research activity. American News and World Report ranks the U of A among the best public universities in the country. Find out how the U of A is working to build a better world on Arkansas Research News.