There are few issues involving LLCs more likely to generate litigation than the expulsion of a member, especially when the expelled member is denied any payout for its interest, as occurred in the case highlighted in this week’s New York Business Divorce.
Continue Reading Be Careful What You Say. It May Get You Expelled From Your LLC.
April 2021
The Money’s There But Out of Reach for the Minority LLC Member
By Peter A. Mahler on
Posted in Derivative Actions, LLCs
A decision last week by the Appellate Division, First Department, highlights the relatively precarious position of LLC minority members versus minority shareholders of close corporations when it comes to seeking remedies for alleged abuse by the LLC’s controlling member. Learn more in this week’s New York Business Divorce.
Continue Reading The Money’s There But Out of Reach for the Minority LLC Member
Unsigned, Non-Final Operating Agreement Trumps Conflicting Testamentary Bequest of LLC Interest
By Franklin C. McRoberts on
In this week’s New York Business Divorce, we tackle two important legal issues for LLC owners. First, the circumstances in which an upon-death membership interest transfer provision in an unsigned, non-final operating agreement may be enforced. Second, whether a membership interest transfer provision in an operating agreement trumps a conflicting bequest in a last will and testament.
Continue Reading Unsigned, Non-Final Operating Agreement Trumps Conflicting Testamentary Bequest of LLC Interest
On the Menu: Steak and Equitable Dissolution
By Peter A. Mahler on
This week’s New York Business Divorce examines a recently decided case granting a petition for “equitable dissolution” by means of a forced buy-out of the respondent 50% shareholders of the close corporation that owns the famous Delmonico’s steak house in downtown Manhattan.
Continue Reading On the Menu: Steak and Equitable Dissolution