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Limited Liability Company Owners Personally Liable to Creditor

We counsel many owners of limited liability companies that the filing of a Certificate of Formation does note automatically protect the owners from person liabilities.  There are a number of business practices, often referred to as the "corporate formalities" that should be followed. A case...

Unanimous Consent of LLC Members Not Required to Continue Company

Limited liability operating agreement
It may take a unanimous action of the members of a limited liability company to dissolve the entity or to change the date on which the company will dissolve according to the terms of its operating agreement. But unless the Operating Agreement specifically requires...

Good Faith and Fair Dealing Required Disclosure of Conflict

Limited Liability Company Attorneys
The modern trend is business relationships is to allow the owners of an enterprise to contract among themselves in almost any manner they choose and order their own affairs as they see fit.  We see this in the law of a number of influential...

Employee Termination Without Cause May Limit Enforceability of Non-Compete Agreement

Restrictive Covenant Attorney
  Litigating with a former employee for violation of a restrictive covenant agreement becomes more complicated when the former employee was terminated without good cause.  And because we are an at-will employment economy, this becomes an issue more frequently than one might imagine. As one author...

Company Must Indemnify Former Director for Fees Owed under Oral Agreement

Indemnification legal fees attorney | lawyer
The potential liability of a director for attorney's fees is what determines whether recoverable litigation expenses are due under the indemnification provisions of Delaware law, the Chancery Court holds. The expenses at issue were incurred in litigation that wound its way through state and federal...

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