Jan. 16, 2011The Dickinson Law Newsroom
Single member LLCs cannot escape the authority of a bankruptcy trustee

In re First Protection, Inc., 2010 WL 5059589 (9Th Cir. BAP [Ariz.] November 22, 2010) is another case involving the attempt by a single member of an LLC to prevent a bankruptcy trustee from exercising management rights over the LLC.

Oct. 3, 2010The Dickinson Law Newsroom
Be careful when creating a board of managers in an LLC operating agreement

One of the most prevalent corporate characteristics seen in LLC operating agreements is the concept of a board of managers intended to act like a board of directors. Corporate board members, however, do not have an independent right to act on behalf of the corporation. That may not be the case with managers of an LLC.

Sep. 6, 2010The Dickinson Law Newsroom
Something to keep in mind when using LLC statements of authority

By filing a statement of authority with the Iowa Secretary of State you can eliminate any questions regarding the authority of a person to sign a loan agreement, a note, a deed, or any other legal document. But here is the caution. A statement of authority does not necessarily mean the particular transaction you are concerned about has been authorized by the LLC.

Aug. 29, 2010The Dickinson Law Newsroom
LLC charging orders and their priority

A charging order is the exclusive remedy with regard to a debtor’s membership interest in an LLC, even if a creditor has a security agreement signed by the debtor that assigns all right, title and interest in a membership interest in an LLC to the creditor. This does not mean that creditors can’t take steps to improve their position with respect to claims they have on an LLC membership interest.

Aug. 15, 2010The Dickinson Law Newsroom
LLC operating agreements must be drafted with care

An opinion from the Superior Court of Vermont indicates once again why LLC operating agreements need to be drafted with care. In Casella Waste Systems, Inc. v. GR Technology, Inc., the question before the court was whether it had subject matter jurisdiction to dissolve two LLCs organized under Delaware law.

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