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.

Jul. 5, 2010The Dickinson Law Newsroom
Charging orders and single member LLCs

Applying partnership principles to single member entities can sometimes create havoc. Enter the case of Olmsted v. FTC (SC08-1009, June 24, 2010).

Apr. 18, 2010The Dickinson Law Newsroom
LLC operating agreements and the statute of frauds

Iowa’s version of the statute of frauds is found at Iowa Code Section 622.32. It provides that evidence of a contract that is not to be performed within one year of its making is not valid, unless the contract is in writing and signed by the party against whom the contract is to be enforced.

Apr. 1, 2010The Dickinson Law Newsroom
Be careful when gifting LLC interests

If an LLC operating agreement prohibits transfers of an interest without the consent of the manager or the other members and provides for distributions at the discretion of the manager, a gift of an interest in that LLC probably does not qualify for the gift tax exclusion.

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