News & Analysis as of

Written Consent Limited Liability Company (LLC)

Shumaker, Loop & Kendrick, LLP

Client Alert: A House Divided: New Risks to Lenders Under Delaware LLC Law

Recent changes to the Delaware Limited Liability Act (the “Act”) will require modification to Lenders’ forms of loan documentation, at least as they relate to loans to Delaware LLCs. The Act was amended effective as of August...more

Sullivan & Worcester

New Delaware LLC Right of Division

Sullivan & Worcester on

To maintain its national preeminence, the Delaware Legislature recently amended the State's Limited Liability Company Statute to grant Delaware LLCs a right which will be of concern to lenders. It amended its LLC law to...more

Patterson Belknap Webb & Tyler LLP

First Department Affirms the Validity of an LLC Operating Agreement Adopted by Majority Members without Minority Consent: ...

In Shapiro v. Ettenson, No. 2849, 2017 BL 19404 (App. Div. 1st Dep’t Jan. 24, 2017), the Appellate Division, First Department recently affirmed a decision by Supreme Court Justice Kelly O’Neill Levy upholding an LLC operating...more

Morris James LLP

Court Of Chancery Orders Dissolution Despite LLC Agreement Bar

Morris James LLP on

This decision may answer the question of whether an LLC Agreement’s bar of dissolution without a member’s consent trumps the statutory remedy of court-ordered dissolution when the entity’s purpose cannot be achieved any...more

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