News & Analysis as of

Operating Agreements Estate Planning

Farrell Fritz, P.C.

Demand Futility, Dissolution, and Transfer Restrictions: Spring Blooms Fresh Developments in LLC Litigation

Farrell Fritz, P.C. on

In addition to blooming trees and longer days, spring in New York has ushered in a fresh crop of noteworthy decisions on intra-LLC disputes.  Headliners include a boost to members’ rights to compel an accounting courtesy of...more

Farrell Fritz, P.C.

Appellate Division Construes LLC Law 608 as Giving Voting Rights to a Deceased Member's Estate

Farrell Fritz, P.C. on

It wasn’t long ago that my partner, Peter Sluka, posted about the Andris case where the Appellate Division, Second Department, reinstated an LLC judicial dissolution proceeding brought by the estate of a deceased member....more

Farrell Fritz, P.C.

Appellate Division Construes LLC Law 608 as Giving Voting Rights to a Deceased Member’s Estate

Farrell Fritz, P.C. on

It wasn’t long ago that my partner, Peter Sluka, posted about the Andris case where the Appellate Division, Second Department, reinstated an LLC judicial dissolution proceeding brought by the estate of a deceased member. ...more

Amundsen Davis LLC

Preserving Harmony at the Family Cottage with an LLC

Amundsen Davis LLC on

For many, Little Red Housethe family cottage holds fond memories, from connecting with loved ones to enjoying some much needed time away. However, without proper planning, the family cottage can become a source of conflict...more

Jaburg Wilk

How to Probate-Proof your LLC Interest

Jaburg Wilk on

Whether I’m working on a business transaction or assisting business owners with their estate planning, I always look at how the ownership of the LLC is structured. While many business owners have set up a revocable living...more

Farrell Fritz, P.C.

Unsigned, Non-Final Operating Agreemeent Trumps Conflicting Testamentary Bequest of LLC Interest

Farrell Fritz, P.C. on

Ten months ago, we wrote about an unusual case involving an LLC member who documented two irreconcilable membership interest transfers upon death. In Harris v Harris, 2020 NY Slip Op 31570(U) [Sup Ct, NY County Apr. 23,...more

Patton Sullivan Brodehl LLP

Family Trusts and LLC Membership

LLC members often hold their membership interests in a family trust.  The benefits of trusts are well known — they generally allow assets to be easily transferred after death without the time, hassle, and expense of court...more

Farrell Fritz, P.C.

How to Resolve Competing Estate Plans of an LLC Owner with a Double Life

Farrell Fritz, P.C. on

Corporate shareholder and LLC operating agreements routinely contain provisions addressing the transfer of equity interests upon the death of an owner of a closely-held business. Such provisions are vital for succession...more

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