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16 Feb 2015, 6:32 am
The LLC money is effectively frozen inside the LLC unless and until the creditors take action against the LLC managers. [read post]
22 Feb 2016, 7:13 pm
That feature of LLCs, combined with the limited liability afforded members of LLCs, makes a limited liability company a potentially useful vehicle for asset protection. [read post]
26 Apr 2022, 8:50 am
However, is it more common to have an LLC managed by its members (owners) or non-member managers. [read post]
14 Jan 2020, 9:21 am
That’s important because the Revised Act changes much about how LLCs are governed and managed, which you can read about here and here. [read post]
2 May 2016, 3:09 am
” The Mickenberg decision is reminiscent of the Natanel case in which the court conducted a trial to determine the intended purpose of a single-asset realty LLC which had no written operating agreement. [read post]
3 Apr 2020, 6:00 am
Where parties to an LLC agreement do not unambiguously disclaim fiduciary duties, then Delaware law provides by default that managers owe traditional fiduciary duties to the entity and its members. [read post]
12 Nov 2012, 2:00 am
As this blog reported in a two-part series last February (here and here), in Auriga Chancellor Leo Strine of the Delaware Court of Chancery found liable the controlling member and manager of a Delaware LLC for engineering the sale of the LLC’s assets to himself on terms that were highly unfair to the minority members. [read post]
11 Oct 2018, 5:03 pm
LendingClub Asset Management and Its Executives to Pay $4.27M San Francisco based investment advisory company LendingClub Asset Management, its founder Renaud Laplanche, and ex-CFO Carrie Dolan will settle SEC charges accusing them of improperly directing investors’ money to parent firm LendingClub Corp. [read post]
10 Feb 2017, 6:00 am
Under the ECH operating agreement, husband was made the sole manager. [read post]
24 Sep 2021, 9:48 am
The members of a Public Benefit LLC have direct leverage to enforce the public benefit purposes of the LLC. [read post]
30 Apr 2012, 3:00 am
According to its December 2008 Operating Agreement (read here), Sapphire started operations with two members: Jacaranda Holdings, LLC ("Jacaranda") as the 51.1% managing member and TDK Holdings, LLC ("TDK") as the 48.9% non-managing member. [read post]
10 Dec 2018, 3:08 am
The court also allowed the plaintiff members to proceed on their direct claim for inspection of the LLC’s books and records, finding that section 6.1 of the Operating Agreement “indisputably” supports their r [read post]
9 Apr 2019, 6:30 am
Courts May Disregard the Distinction Between Direct and Derivative Lawsuits Consider a claim in which a majority refuses to take action against an officer or manager who has misappropriated assets or that is involved with a competing venture. [read post]
25 Sep 2018, 8:26 am
Allowing a member to put the company’s assets up for sale, with the other members having a buy-out right based on the sale price of the assets, adjusted to reflect the members’ percentage interests. [read post]
22 Feb 2016, 3:27 am
Court Denies Preliminary Injunction Sought by Removed LLC Manager Concord Development Co. [read post]
22 Feb 2016, 3:27 am
Court Denies Preliminary Injunction Sought by Removed LLC Manager Concord Development Co. [read post]
19 Apr 2021, 4:03 am
Moskowitz’s position as manager and principal of the management firm warranted an accounting and production of the specified records. [read post]
28 Nov 2018, 12:33 pm
Directors control most major directional decisions, while the Officers carry out the plan established by the Directors. [read post]
26 Mar 2019, 12:50 pm
Direct Lending Investments reported approximately $866.3 million in assets under management as of May 31, 2018, according to reports. [read post]
26 Jul 2009, 5:52 pm
The SEC is also accusing broker-dealer Provident Asset Management, LLC of making direct retail securities sales, as well as soliciting unaffiliated retail broker-dealers to submit placement agreements for each offering. [read post]
