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10 Apr 2017, 10:23 am
All states, including Florida, provide for freedom in drafting operating agreements, subject only to the “nonwaivable” default rules in the applicable LLC act.[1] It is important that the operating agreement specify whether a court must enforce the chosen deadlock-breaking mechanism, unless it is deemed “manifestly unreasonable. [read post]
2 May 2018, 7:11 am
Back in January, before they truly became household names, I wrote about how the publicity around Michael Cohen’s use of an LLC to pay off Stormy Daniels fell into a larger narrative of how Delaware LLCs were being portrayed (unfairly, in my view) as equivalent to offshore shell companies, i.e., mysterious entities being used for nefarious purposes. [read post]
18 Jan 2023, 6:42 am
When one or more managers are named in an operating agreement, the New Act provides that the underlying members of that LLC are bound only by an implied duty of good faith and fair dealing other than such member’s typical obligations to discharge their duties to the LLC and the other members as provided under the operating agreement and the law generally. [read post]
8 Aug 2017, 6:31 am
Knight Energy Holdings LLC listed 11 Companies in the Chapter 11 petition Knight Energy Holdings, LLC operates as a holding company. [read post]
10 Feb 2020, 10:46 am
The law provides in Section of 1102 of the New York LLC law that “Any member may, subject to reasonable standards as may be set forth in, or pursuant to, the operating agreement, inspect and copy at his or her own expense, for any purpose reasonably related to the member’s interest as a member, the records referred to in subdivision (a) of this section, any financial statements maintained by the limited liability company for the three most recent… [read post]
21 Jul 2011, 7:09 pm
Some state LLC acts provide for board-managed LLCs, which approximate the governance structure of corporations. [read post]
21 Jul 2011, 7:09 pm
Some state LLC acts provide for board-managed LLCs, which approximate the governance structure of corporations. [read post]
6 Sep 2016, 7:55 am
Plaintiff provided this information only after he was authorized to do so by Principal.Principal owned shares in the investment company through an LLC, which was co-owned with his wife (the “LLC”). [read post]
7 Feb 2012, 6:15 am
Instead, I'll sign as the organizer and use our law office address as the registered office for the company. [read post]
26 Feb 2018, 3:49 am
As the Appellate Division ruled in Chiu v Chiu, the only way to expel (a/k/a dissociate) a member of a New York LLC is if the operating agreement so provides. [read post]
27 Jul 2020, 4:17 am
Some do not provide for dissociation unless provided in the operating agreement and even those that do vary as to the consequences. [read post]
16 Oct 2023, 4:24 am
CVH’s operating agreement provided SAM with a premium return if CVH was dissolved. [read post]
24 May 2023, 2:59 pm
The client said he didn’t want to become a member (equity owner) of the LLC formed to operate the restaurant, because he didn’t want any legal liability. [read post]
26 Sep 2007, 2:10 pm
Early in my LLC research, when I started my first LLC book for Nolo, Form Your Own Limited Liability Company, I realized that taxes were a big part of the picture when one surveyed the LLC landscape. [read post]
12 Apr 2020, 6:39 pm
Section 18-802 of Delaware’s Limited Liability Act (“LLC Act”) provides a statutory basis for the Court of Chancery to dissolve a Delaware LLC. [read post]
13 Aug 2018, 9:09 am
” Provided they are not self-dealing, this rule protects the Officers and Directors. [read post]
22 Feb 2012, 9:40 am
Simply put, the the Operating Agreement can include any provision the members decide to incorporate provided it is not prohibited by the New York Limited Liability Company Law (or is otherwise unlawful). [read post]
18 Sep 2018, 3:37 am
The LLCs each adopted operating agreements that required the subsidiary LLCs to adopt operating agreements that mirrored Holdco 3. [read post]
11 Aug 2020, 9:06 am
Just provide basic information, like your company name and your contact information. [read post]
30 Aug 2019, 12:54 pm
If so, forming a Pennsylvania limited liability company (LLC) has numerous benefits that will save you time and money in the future. [read post]
