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17 Jun 2019, 3:16 am
It’s a sobering lesson for anyone contemplating forming a new LLC for a start-up business or to serve as the ownership vehicle for an existing business. [read post]
24 Dec 2023, 11:00 am
This presumption can be rebutted by allegations that a director acted fraudulently, illegally, or without sufficient information to make an independent business decision [3]. 3. [read post]
17 Nov 2023, 9:54 pm
Drawbacks of Series LLCs The series LLC structure is not optimal for many—if not most—businesses. [read post]
13 Dec 2021, 4:04 am
Wyoming enacted the first LLC Act in 1977, creating a hybrid business entity combining partnership features including pass-through taxation with corporate-style limited liability. [read post]
8 Mar 2024, 1:24 pm
LLCs formed or authorized to do business before the effective date will have until January 1, 2025 to make filings. [read post]
20 Aug 2018, 3:18 am
I also examined the judicial dissolution grounds in five model statutes: the 1992 Prototype LLC Act, the 2011 Revised Prototype LLC Act, the 1996 Uniform LLC Act, the 2006 Revised Uniform LLC Act, and the 2013 Revised Uniform LLC Act. [read post]
8 Apr 2019, 3:48 am
Justice Knipel then took it a step further, by appointing a liquidating trustee for the LLC with authority pursuant to LLC Law § 703 (b) to “prosecute this proceeding on behalf of [the LLC]” as a limited partner for judicial dissolution of the partnership “following his report and recommendation to the Court whether, in accordance with Revised Limited Partnership Act (RLPA) § 121-802, “it is [or is not] reasonably… [read post]
10 May 2024, 12:30 pm
The LLC Operating Agreement is vital for managing your business properly and avoiding legal issues. [read post]
13 Sep 2021, 2:00 pm
For example, Delaware has the “Delaware LLC Act” and Illinois has the “Illinois LLC Act”. [read post]
15 Feb 2023, 8:20 am
Department of Justice (DOJ) announced that Spacelabs Healthcare, LLC will pay $2.5 million to resolve allegations that they violated the False Claims Act by overcharging the U.S. [read post]
20 Jun 2016, 3:16 am
Although not mentioned in the appellate court’s opinion, its ruling also draws support from the Connecticut LLC Act’s default rule, mirroring New York’s LLC Law § 703 (a), giving to the members the authority to wind up the affairs of a dissolved LLC, unless otherwise provided in the operating agreement. [read post]
21 Jun 2022, 4:07 am
In addition, one way to avoid having your name on state registration documents is to hire a third party to form the LLC for you and act as your registered agent. [read post]
9 Feb 2021, 7:53 am
However, the court agreed that the farmer created the LLC intending that the business income would pay for the farm debts. [read post]
19 Apr 2021, 4:03 am
The point indirectly was brought home by Professor Daniel Kleinberger’s recent article for the ABA’s Business Law Section in which he dissects last year’s decision by a Connecticut appellate panel in Manere v Collins interpreting that state’s Revised Uniform LLC Act which expressly includes oppression as one of the grounds for judicial dissolution. [read post]
8 Aug 2016, 3:25 am
If an LLC’s members can manage the LLC without an operating agreement, invoking as necessary the default majority-rule provision of the [LLC Act], then a conflict among LLC members may not warrant a member’s expulsion under the [LLC Act]. [read post]
7 Mar 2012, 8:40 am
§ 4A-1007 bars a foreign LLC from acting as a plaintiff in any Maryland state or federal court if the LLC is doing or has done “any intrastate, interstate, or foreign business” in Maryland without registering or qualifying with SDAT. [read post]
9 Jul 2019, 6:00 am
According to the Court, equity can only validate voidable acts, not void acts. [read post]
14 Nov 2014, 1:22 pm
The Business Court found further light shed on the term "substantial benefit" by looking to the Model Business Corporation Act, which references in a comment the United States Supreme Court's interpretation of similar language in MBCA §7.46(1). [read post]
14 Jun 2021, 4:32 am
Iowa was one of the first states to adopt the 2006 Revised Uniform Limited Liability Company Act. [read post]
22 Aug 2018, 6:00 am
Delaware statutes enabling formation of unincorporated entities like limited liability companies (LLCs) and limited partnerships afford freedom for owners to structure business relationships as they see fit. [read post]
