RESULTS FOR PRACTICE AREA CATEGORY: Business Formation
Oct. 3, 2010 – J. Marc Ward, Iowa LLC Blog
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, 2010 – J. Marc Ward, Iowa LLC Blog
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, 2010 – J. Marc Ward, Iowa LLC Blog
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, 2010 – J. Marc Ward, Iowa LLC Blog
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, 2010 – J. Marc Ward, Iowa LLC Blog
Applying partnership principles to single member entities can sometimes create havoc. Enter the case of Olmsted v. FTC (SC08-1009, June 24, 2010).