Last year New York courts generated an unusually high number of important appellate and trial court decisions in business divorce cases involving judicial dissolution and other disputes among co-owners of closely held business entities. Continuing a trend noted in last year’s review, the majority of these cases arise from limited liability companies (LLCs) which, although enabled less than 20 years ago in New York and most other states, have become the preferred entity for privately owned businesses.
This review highlights some of the more notable decisions from last year resolving controversies surrounding the standards for dissolution of LLCs, authority to expel LLC members, LLC promoter liability, equitable buyout remedies, mandatory buybacks triggered by the filing of dissolution petitions, stock valuation, and receiver compensation.
Standard for LLC Dissolution
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