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10 Mar 2009, 11:15 am
The cases were significant because the Virginia Supreme Court had not addressed the issues.This week the Supreme Court issued an opinion in one of those cases, Remora Investments, LLC v. [read post]
21 Jun 2010, 8:19 pm
These opinions evidence a possible shift in the way Arizona courts may one day interpret the duties of members and/or managers in an LLC. [read post]
13 Sep 2021, 2:00 pm
You should be careful when following the state’s pre-printed or online forms. [read post]
16 Nov 2013, 4:44 pm
I previously wrote about the duty of loyalty and duty of care here and here.Today, I want to focus on the question of whether managers in an LLC owe any fiduciary duties to the LLC and its members. [read post]
7 Dec 2020, 4:59 am
For one, it reaffirms that the BCL does not apply to derivative suits on behalf of unincorporated entities, such as condominiums and LLCs; the common law does. [read post]
23 May 2011, 4:00 am
But, in the absence of a contrary provision in the LLC agreement, the manager of an LLC owes the traditional duties of loyalty and care to the members of the LLC. [read post]
25 Mar 2020, 12:33 pm
During the wind-up process, those winding up the company still owe the duties of care and loyalty, with one exception. [read post]
9 Dec 2020, 7:27 am
You should be careful when following the state’s pre-printed or online forms. [read post]
13 Oct 2020, 7:45 am
You should be careful when following the state’s pre-printed or online forms. [read post]
13 Jan 2020, 1:25 pm
You should be careful when following the state’s pre-printed or online forms. [read post]
19 Apr 2023, 12:15 pm
appeared first on Estate Planning and Elder Law LLC. [read post]
19 Mar 2012, 4:00 am
The Managers shall act in good faith and in the best interest of the Company and with such care as an ordinarily prudent person in a like position would use under similar circumstances. [read post]
15 Feb 2019, 11:41 am
However, if manager managed is not selected, the LLC by default is member managed. [read post]
30 May 2018, 4:47 pm
One of the problems the court faced is that the LLC Agreement eschewed default common-law fiduciary duties (i.e., waived them as allowed under Delaware law), in favor of what the court described as “a rigorous, if less than clear, list of contractual duties, which appear to hold the manager to standards of good faith and ordinary care. [read post]
15 Mar 2012, 10:11 am
Organizers of an LLC can also agree to keep it simple and have the LLC managed by one person – the manager. [read post]
3 Aug 2018, 11:55 am
One of the reasons for the separation is because LLC’s and corporations are like apples and oranges. [read post]
21 Jul 2011, 7:09 pm
LLCs can also elect to be manager-managed. [read post]
21 Jul 2011, 7:09 pm
LLCs can also elect to be manager-managed. [read post]
19 Aug 2019, 3:48 am
Then there’s the manager-managed LLC, more akin to a corporation-style management structure and sometimes featuring a Board of Managers and designated officers, in which one or more persons or entities (who may be, but need not be, members of the LLC) are responsible for managing the LLC’s business affairs. [read post]
13 Feb 2012, 3:00 am
Not only does the LLC Law have no analog to §18-1104 of the Delaware LLC Act, it contains in subsection (a) of LLC Law §409, entitled "Duties of Managers," an affirmative, mandatory statement of the LLC manager's duties: A manager shall perform his or her duties as a manager, including his or her… [read post]
