This week’s New York Business Divorce jumps back into the fray of undocumented interests in LLCs with no written operating agreement, focusing on a recent court decision that found in favor of the plaintiff’s claim of membership based solely on the LLC’s tax return.
Continue Reading Is a Schedule K-1 By Itself Enough to Prove LLC Membership?
It’s better to burn out than to fade away. But what happens when death converts an LLC interest from full membership rights to mere assignee status? Read on in this week’s New York Business Divorce.
Continue Reading Delaware Contractarian Principles Prevail in Appeal Over Deceased Ace Hotel Founder’s LLC Interest
Professor Daniel Kleinberger’s article, The Plight of the Bare Naked Assignee, is the springboard for this week’s post about whether assignees of an LLC membership interest should have a right inspect LLC records. It’s in this week’s New York Business Divorce.
Continue Reading Can the Bare Naked Assignee Demand Access to LLC Records?
Justice Saliann Scarpulla’s recent decision in MFB Realty LLC v Eichner highlights statutory and contractual restrictions surrounding the scope of the rights transferred when LLC interests are assigned. Learn more in this week’s New York Business Divorce.
Continue Reading Operating Agreement’s Two-Step Consent Provision Foils Assignment of LLC Member Interest
This week’s New York Business Divorce offers a primer on the fundamental issue of standing to seek judicial dissolution of a closely held business corporation, featuring a review of the statutory criteria and related case law.
Continue Reading Understanding Standing in Corporate Dissolution Cases
In a noteworthy decision last month, Justice Orin Kitzes ruled that the executor of a deceased LLC member’s estate lacked standing to assert derivative claims against the LLC’s managers. Find out why, in this week’s New York Business Divorce.
Continue Reading Death of an LLC Member