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Operating Agreements Business Entities

DarrowEverett LLP

Fiduciary Duties and Remedies in Florida LLCs: What Members Need to Know

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Disputes among members of a limited liability company (LLC) are inevitable. Unlike casual disagreements with friends or roommates, conflicts within an LLC can have legal and financial consequences. Recognizing this reality,...more

Patton Sullivan Brodehl LLP

LLCs Can Assert Offensive Claims Against Members

In “business divorce” litigation involving LLCs, it is common to see a disgruntled LLC member asserting claims against the LLC’s manager. Depending on the type of harm alleged, those claims might be asserted directly (by the...more

Farrell Fritz, P.C.

Stated Purpose vs. Stated Problem: Court Sticks to the Script for LLC Dissolution

Farrell Fritz, P.C. on

It’s been 15 years since the Second Department’s decision in Matter of 1545 Ocean Avenue, LLC, 72 AD3d 121, 2010 NY Slip Op 00688 (2d Dept Jan. 26, 2010), which established the standard for judicial dissolution of limited...more

Davidoff Hutcher & Citron LLP

Handling Partner Expulsions in Restaurant Businesses: A Legal Guide

Partnership conflicts can arise in any restaurant business, and in some cases, the only solution is expelling a partner. However, removing a business partner is a complex legal process that must be handled carefully to avoid...more

Jaburg Wilk

Five Reasons Why a Custom Operating Agreement is Fundamental for an Arizona LLC

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When forming an Arizona limited liability company (“LLC”) crafting a custom operating agreement is one of the most important steps taken to protect the business and ensure its long-term success. While Arizona law doesn’t...more

Allen Matkins

Delaware LLCs - "I See Trouble On the Way"

Allen Matkins on

Delaware had barely birthed changes to Section 144 of its General Corporation Law when the Plumbers & Fitters Local 295 Pension Fund filed a complaint challenging those changes.  The plaintiff seeks a declaration that the...more

Fox Rothschild LLP

A(nother) Cautionary Tale on the Importance of Operating Agreements

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To practitioners familiar with internal disputes involving closely held companies, the allegations in Lafayette Village Pub, LLC v. Burnham, 2025 NCBC 8, are nothing new. The member running the business (allegedly) made bad,...more

Allen Matkins

The Uncertainty Of Officer Appointments In California LLCs

Allen Matkins on

The California Revised Uniform Limited Liability Company Act, Cal. Corp. Code § 17701.01 et seq., clearly authorizes the appointment of officers...more

Dinsmore & Shohl LLP

Thinking About Buying a Racehorse? Things to Consider.

Dinsmore & Shohl LLP on

Imagine how exhilarating it would be to watch your horse cross the finish line first (or even second or third) in a Breeders' Cup race. Is that possible? Is world-class racing too lofty of a goal for a pro­spective new owner,...more

DarrowEverett LLP

LLC's Failure to Execute Operating Agreement Opens Legal Trapdoor

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While entity distinctness is a bedrock principle of corporate law, it may often appear redundant and unnecessary for a limited liability company (“LLC”) to sign its own operating agreement. That was likely the thinking of the...more

Stradling Yocca Carlson & Rauth

The Unexpected Complexities of Transferring an Ownership Interest in a Limited Liability Company – And How to Navigate Them

Limited Liability Companies (LLCs) are a common business structure. Combining the best elements of corporations and partnerships, LLCs offer liability protection while maintaining operational flexibility....more

DarrowEverett LLP

Location, Location, Location: Asset Protection for LLC Founders

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A primary focus when starting a business should answer this question: What structure provides the most protection? New founders can get bogged down in the minutia about whether to choose a corporation or a limited liability...more

Payne & Fears

Key Issues in Business Formation

Payne & Fears on

Part One of a Series - Americans are serial entrepreneurs, consistently starting new businesses. Data from the U.S. Census Bureau shows that more than 432,000 new businesses applied for tax IDs or Employer Identification...more

Ruder Ware

LLCs: The Next Generation Under Wisconsin Law

Ruder Ware on

Under new Wisconsin laws coming into effect soon, some important rules governing how limited liability companies (LLCs) operate will change. This article will describe some of the key changes, what LLC owners need to be...more

Bradley Arant Boult Cummings LLP

The Benefits of Reading the Fine Print: Look Under the Hood Before Signing Company Agreements

Private company majority owners and minority investors often focus on the company’s financial health and growth prospects, and may not take the time to review the operating documents of the business – bylaws for corporations...more

Kohrman Jackson & Krantz LLP

Ohio’s New LLC Act: Ensure Your Business is In Compliance

The start of 2022 is here, and in addition to the usual beginning-of-year tasks for businesses, every LLC organized or qualified to do business in Ohio should familiarize itself with Ohio’s Revised Limited Liability Company...more

Farrell Fritz, P.C.

Episode 19: The LLC’s Two Worlds: A Conversation with Professor Peter Molk (Part One)

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This episode features Part One of a two-part conversation with Associate Professor Peter Molk who teaches business law at the University of Florida Levin College of Law and who recently published in the U.C. Davis Law Review...more

Verrill

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

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In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

Saul Ewing LLP

Major Changes to Business Entity Laws in Pennsylvania Beginning February 21, 2017

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Pennsylvania has enacted a comprehensive set of laws (Act 170) modernizing the treatment of unincorporated associations, including limited liability companies, limited partnerships, limited liability partnerships, limited...more

BCLP

Bankruptcy Courts Closing In – Will An Agreement Requiring Unanimous Consent To File For Bankruptcy Be Effective?

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We’ve all seen it. The business opportunity looks enticing but is laced with risk about a potential bankruptcy filing down the road. As bankruptcy lawyers we are often asked how deals can be structured to prevent a...more

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