Expelling an unwanted member of an LLC sounds like a great alternative to dissolving the LLC, but it may not be possible or easy depending on the provisions of the Operating Agreement.
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LLC Dissolution and Receivers
By Peter A. Mahler on
The LLC Law omits any provision for appointment of a temporary receiver. Read about a recent case where it made a difference.
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Dissolution of LLCs vs. Corporations: There Are Important Differences
By Peter A. Mahler on
Posted in Grounds for Dissolution, LLCs
Judicial dissolution of a New York limited liability company (LLC) is governed by Section 702 of the LLC Law (LLCL), whereas judicial dissolution of a closely held business corporation is governed by Article 11 of the Business Corporation Law (BCL). Under Section 702, a court may order LLC dissolution “whenever it is not reasonably practicable…