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21 Oct 2015, 11:58 am
If the Operating Agreement provides that a transferee has nothing more than a right to distributions and if a member cannot force a dissolution, then arguably the trustee would be similarly limited. [read post]
12 Apr 2011, 4:59 pm
The Operating Agreement also provided that in distributing assets to members at the time of dissolution, if the LLC's assets could not be sold, they were to be valued on the company's books for the purpose of distribution to the owners. [read post]
22 Feb 2012, 9:40 am
A comparison of the arguable tax advantages of the LLC was the subject of the previous post, while this post focuses on the flexibility of the LLC and the wide-latitude it provides in structuring the rights and obligations of the partners.Reason #2: The extremely flexible nature of the LLC, allows wide-latitude in structuring the rights and obligations of the members (i.e., the partners).The document governing the rights and… [read post]
25 Sep 2018, 8:26 am
The post How to Plan for Exiting an LLC appeared first on IncNow. [read post]
31 May 2013, 3:29 pm
Steinmetz is a beneficiary of a multimillion dollar spendthrift trust that provides no distributions will be made to him if the distribution would be available to his creditors. [read post]
7 Jul 2010, 9:12 am
In general, Colorado statutes provide that an LLC membership interest is personal property which can be assigned and transferred. [read post]
6 Aug 2019, 7:37 am
Malibu Media LLC is a Los Angeles-based company that creates adult films and distributes them through the website x-art.com. [read post]
3 Jun 2019, 5:48 am
The following is a brief summary of some of the more significant proposed amendments that affect Delaware limited liability companies (Delaware LLCs), Delaware limited partnerships (Delaware LPs) and Delaware general partnerships (Delaware GPs), including amendments (i) relating to document forms, including electronic signatures and delivery, (ii) enabling a Delaware LP to divide into two or more Delaware LPs as a new permitted form of Delaware LP reorganization (LP Division), (iii)… [read post]
26 Oct 2020, 10:11 am
The law provides, in certain situations, a mechanism for creditors to pursue a successor entity or an officer of the defunct entity. [read post]
21 Dec 2008, 12:31 pm
Wyoming statutes provide that the exclusive remedy of a judgment creditor is a Charging Order. [read post]
29 Aug 2011, 3:00 am
Under Section 603 of New York's LLC Law, unless the operating agreement says otherwise, membership interests in limited liability companies (LLCs) are freely transferable but the transferee only gets the transferor's economic rights to distributions and allocation of profits and losses. [read post]
24 Nov 2015, 12:15 pm
In recent years, limited liability companies have also become important estate planning tools, especially for estates that include businesses, in part because they provide certain protections against creditors of the owners of the LLC, similar to the protection provided by spendthrift trusts, that are not offered by corporations, the usual alternative to LLCs. [read post]
20 Apr 2010, 7:21 am
Michigan Asset Protection Lawyers constantly extol the protection that Michigan limited liability companies provide debtors as a result of the charging order remedy. [read post]
28 Nov 2018, 12:33 pm
” Provided they are not self-dealing, this rule protects the Officers and Directors. [read post]
17 Apr 2015, 10:35 am
Securities, LLC, and J.P. [read post]
2 Nov 2023, 12:59 pm
However, DBAs do not provide any additional liability protection for yourself or your business. [read post]
20 Nov 2017, 2:13 am
Typical of these statutes, New York’s LLC Law § 603 provides that, absent such consent, the assignee has no right to participate in LLC management “or to exercise any rights or powers of a member” and only has the right “to receive, to the extent assigned, the distributions and allocations of profits and losses to which the assignor would be entitled. [read post]
16 Apr 2018, 3:46 am
The Operating Agreement also expressly provides that Plaintiff, as Personal Representative of the Pappas Estate, is a successor in interest only, and is entitled to Pappas’s allocations and distributions but not his membership rights or interests. [read post]
13 Aug 2018, 9:09 am
” Provided they are not self-dealing, this rule protects the Officers and Directors. [read post]
10 Feb 2017, 6:00 am
The husband had sole power to determine if distributions would be made and, if so, whether they would be pro-rata or not. [read post]
