Even though the Limited Liability Company (LLC) has been in existence for over a decade, it is still a mysterious entity for many creditors. From a tax perspective, the LLC is more like a partnership, in that, except for an annual minimum tax, the business' earnings are not taxed. The easiest way to identify an LLC is to have a section on your credit application/financial statement that inquires whether the business entity executing the document is in fact an LLC. If the LLC threatens to take their business elsewhere if you do insist on a personal guaranty, then see that for the red flag that it is; there are choppy waters ahead for this relationship.
Bankruptcy of a Member. A. Policy Considerations. B. Case Law Concerning the Bankruptcy of an LLC Member. C. Fifth Circuit Precedent. II. Expulsion; sale of a Member's Entire Economic Interest. III. Voluntary Withdrawal. IV. Death, Interdiction, Dissolution, or Termination of a Member. A. The Problem Under the Louisiana LLC Law. B. Section 12:1333 and Estate Planners. V. Conclusion.
The combination of corporate and partnership forms in a limited liability company (LLC) has appealed to many entrepreneurs and has caused the LLC form not only to emerge as an alternative business governance structure, but also to explode as a favored corporate regime. This Note will explore an unsettled area of law for LLCs -- the possibility of judicial dissolution. Part II of this Note will discuss the purposes behind the provisions of the Delaware Limited Liability Company Act and introduce the focus of this Note, the contentious case of Haley v. Talcott. Part III will discuss the corporate deadlock problem faced by the parties in Haley and try to explain the basis for the court's decision. Part IV will discuss what the case suggests for future Delaware LLCs and Delaware courts faci...
Summary of the Application: Applicants request an order to exempt a limited liability company formed for the benefit of eligible employees of Jefferies Group, Inc. and its affiliates from certain provisions of the Act. The limited liability company is an ``employees' securities company'' within the meaning of section 2(a)(13) of the Act.
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