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11 May 2020, 3:19 am
The LLC Dissolution Claim The legal test for judicial LLC dissolution in New York, adopted in Matter of 1545 Ocean Avenue, involves a two-fold consideration of the LLC’s ability to achieve its “stated purpose,” and whether the LLC is “failing financially. [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]
30 Oct 2017, 4:29 am
The Appellate Decision The Appellate Division’s decision recited the familiar rule, laid down in the landmark 1545 Ocean Avenue case, that to be entitled to dissolution under the LLC Law, the petitioner “must establish, in the context of the terms of the operating agreement or articles of incorporation, that (1) the management of the entity is unable or unwilling to reasonably permit or promote the stated purpose of the entity to be realized or… [read post]
24 Sep 2019, 4:29 am
The parties held discussions about what form the merger would take and eventually agreed to dissolve the other companies and join the Appellant LLC.The parties agreed during a business planning meeting that the parties should own Appellant LLC at approximately a third each (plus a minority) and, to achieve this, planned a transfer of interests under the Appellant LLC's existing 2004 operating agreement. [read post]
25 Feb 2013, 3:42 am
The allegations do not show that “the management of the entity is unable or unwilling to reasonably permit or promote the stated purpose of the entity to be realized or achieved, or [that] continuing the entity is financially unfeasible” (see Matter of 1545 Ocean Ave., LLC, 72 AD3d 121, 131 [2d Dept 2010]; Schindler v Niche Media Holdings, 1 Misc 3d 713, 716 [Sup Ct, New York County 2003]). [read post]
19 Dec 2018, 1:52 pm
Deadlock, which has to be viewed in terms of whether the LLC can achieve its stated business purpose, therefore was off the table. [read post]
5 Jan 2018, 9:04 am
As originally passed in 1994, New York’s LLC Law included a provision, former § 606, that permitted members to withdraw from an LLC as of right with at least six months’ advance notice to the LLC, unless otherwise provided in the operating agreement.[1] As-of-right withdrawal was designed to achieve pass-through tax treatment for LLCs – akin to partnerships – by causing LLCs to fail the… [read post]
2 May 2016, 3:09 am
The defendants (all relatives of plaintiff) moved to dismiss the complaint, arguing that the LLC was debt-free and highly profitable; that New York law does not recognize an LLC member’s cause of action for appraisal rights; and that notwithstanding the absence of an operating agreement, the LLC’s intended purpose to own and operate the realty was being achieved with great financial success. [read post]
12 Jan 2015, 7:01 am
.'" Tenon & Groove LLC et al v. [read post]
11 May 2020, 2:03 pm
The following blog posts originally appeared on the Quaid Farish, LLC. [read post]
18 Mar 2024, 6:00 am
Wilson , TAYLOR ENGLISH DUMA LLP AND FINCEN REPORT COMPANY This article discusses the New York LLC Transparency Act (LTA). [read post]
30 Aug 2017, 9:17 am
I stand ready to work with Congress, federal agencies, and all stakeholders to achieve that goal. [read post]
5 Dec 2017, 12:04 pm
They also reflect notable achievements over the past 12 months including outstanding work, impressive strategic growth and excellence in client service. [read post]
26 Oct 2011, 7:00 am
As a result, several options and best practices have arisen to expressly leverage the best aspects of LLC's to achieve similar goals to the traditional stock option plan. [read post]
18 Jun 2012, 3:00 am
She further argued that, under the test articulated in Matter of 1545 Ocean Avenue, LLC, 72 AD3d 121 (2d Dept 2010), dissolution was warranted because of the failure of the LLC to achieve its purpose to open a tattoo business "that both owners would jointly run. [read post]
18 Dec 2019, 8:42 am
The ILN is proud to announce our latest firm of the month, McDonald Hopkins LLC, Ohio! [read post]
23 Jan 2014, 3:45 pm
Idaho (civil procedure) on 1/13/14 and Village of Hobart v. [read post]
4 Sep 2019, 6:35 am
Genlyte Thomas Group LLC, 2018-1076. [read post]
5 Nov 2012, 2:00 am
The leading New York case on the standard for judicial dissolution of limited liability companies, Matter of 1545 Ocean Avenue, LLC, held that the proponent of dissolution must show, in the context of the terms of the operating agreement or articles of organization, that: (1) the management of the entity is unable or unwilling to reasonably permit or promote the stated purpose of the entity to be realized or achieved, or (2) continuing the entity is financially… [read post]
2 Aug 2023, 10:30 am
Crafting a well-designed estate plan tailored to your unique needs can be instrumental in achieving your objectives. [read post]
