RESULTS FOR POST TAG: limited liability companies
Apr. 16, 2012 – J. Marc Ward, Iowa LLC Blog
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, 2012 – J. Marc Ward, Iowa LLC Blog
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, 2012 – J. Marc Ward, Iowa LLC Blog
With good fortune this unpublished opinion by the Colorado Court of Appeals will be reversed on appeal.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.