RESULTS FOR POST TAG: limited liability companies

Apr. 16, 2012The Dickinson Law Newsroom
LLC operating agreement can supplant implied duty of good faith

A recent Delaware Court of Chancery ruling suggests drafters of LLC operating agreements may want to consider establishing a process by which managers of LLCs can be deemed to act in good faith and avoid application of the implied duty of good faith.

Mar. 5, 2012The Dickinson Law Newsroom
Charging orders cannot grant managerial rights in an LLC

The Nevada Supreme Court ruled in Weddell v. H2O, Inc., 128 Nev. Adv. Op. #9, (Nev. March 1, 2012) that a judgment creditor is like an assignee of a membership interest. The creditor is entitled to only the share of the distributions the member would otherwise have received. The managerial interest of the debtor remains with the debtor.

Feb. 9, 2012The Dickinson Law Newsroom
Single member LLCs and the risk of veil piercing

With good fortune this unpublished opinion by the Colorado Court of Appeals will be reversed on appeal. Until then, lawyers need to take notice of this case because it is indicative of the risk inherent in operating a single member LLC.

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