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22 Aug 2018, 6:00 am
No. 12921-VCL (Aug. 13, 2018), well illustrates these principles—the court applied default rules under the Limited Liability Company Act to hold that an expelled member of a Delaware LLC was entitled to the fair value of his interest and not simply to the value of his capital account. [read post]
28 Apr 2009, 2:38 pm
It also imposed the duties of good faith and fair dealing on the manager of the LLC to perform its management functions in good faith. [read post]
5 Dec 2022, 4:23 am
The case involves a family-owned company organized in the late 1990s as a Delaware LLC that owns and operates skilled nursing homes and assisted living facilities. [read post]
15 Sep 2023, 6:59 am
The Federal Trade Commission (“FTC”) on September 11, 2023, settled a claim against a group of affiliated entities operating a background reporting business, Instant Checkmate, LLC, TruthFinder, LLC, The Control Group Media Company, LLC, Intelicare Direct, LLC, and PubRec LLC (“background report companies” or “companies”) for alleged misrepresentations that deceived consumers about whether… [read post]
29 Sep 2010, 5:00 am
In the realm of limited liability companies, Delaware allows the parties to waive all fiduciary duties by those managing the LLC (members if it is member managed; managers if it is manager managed) except the duty of good faith and fair dealing. [read post]
30 Mar 2014, 11:15 am
A resigning member of an LLC is no longer entitled to the “fair value of his limited liability company interest as of the date of resignation” under the Revised Act. [read post]
3 Sep 2018, 6:16 pm
Under the LLC Act, members are granted the freedom to shape their management structure through the company’s governing instrument. [read post]
8 Aug 2022, 3:10 am
The Partnership first transferred its assets to [Brisbane Associates, LLC, i.e.,] the Company and initially owned the Company. [read post]
4 Jun 2021, 6:00 am
However, if the agreement unambiguously disclaims fiduciary duties, then the only duties that exist are those specified contractually in the LLC agreement and the implied covenant of good faith and fair dealing. [read post]
16 Dec 2011, 6:26 am
Righthaven LLC has garnered headlines for suing companies and individuals that use copyrighted content online. [read post]
Navigating Fair Compensation in Closely Held Companies: The Legal Implications of Excessive Salaries
25 Feb 2024, 11:20 am
In closely held companies, particularly LLCs and corporations with a limited number of shareholders, the issue of compensation for owners and shareholders can be a legal minefield. [read post]
17 Sep 2012, 2:00 am
Justice Weiss initially observes that the LLC Law “does not define ‘fair value,’ and the parties have not called the court’s attention to any cases which discuss the term in connection with a limited liability company. [read post]
22 May 2016, 6:39 am
To what extent does equity play a role in limited liability company (“LLC”) law? [read post]
18 Jul 2023, 8:21 am
The Consumer Financial Protection Bureau, the California Department of Financial Protection and Innovation (CA DFPI), and ten state Attorneys General have filed a lawsuit against Prehired, LLC (Prehired) and two related companies, Prehired Recruiting, LLC and Prehired Accelerator, LLC, alleging that the companies violated the Consumer Financial Protection Act (CFPA), the Truth in Lending Act (TILA), and the Fair Debt Collection Practices Act… [read post]
30 Nov 2020, 7:08 am
The reasoning of this position is that a 50% interest in a closely held company, like Raley’s and Brinkman’s LLC, has a very limited market unlike, for example, publicly traded stock in a large company. [read post]
4 Nov 2018, 12:42 pm
In the context of the valuation of LLC membership interests, “fair value” is, generally speaking, “fair market value” with value then adjusted upwardly to account for the fact that an LLC member’s interest may be a minority interest and for the fact that there may be no real market for an LLC member’s interest like there is for, say, the stock of a publicly traded company. [read post]
20 Sep 2018, 6:32 am
Significantly, after concluding that the LLC Agreement was silent as to the payout for a forced-out member, the Court looked not only to the Delaware Limited Liability Company Act (the “LLC Act”) but also to the Delaware Revised Uniform Partnership Act (the “Partnership Act”) for guidance because Domain operated in a manner akin to a general partnership, as distinct from other governance structures. [read post]
26 Oct 2018, 8:06 am
Authorization in most LLCs requires majority consent in conducting company affairs. [read post]
26 Oct 2018, 8:06 am
Authorization in most LLCs requires majority consent in conducting company affairs. [read post]
2 Feb 2020, 7:05 am
For example, New Jersey’s statutory criteria are set out in N.J.S.A. 42:2C-46 and provide three circumstances in which the court, on application by the LLC, may order the expulsion of the LLC member. [read post]
