We recently read on the legal blog New York Business Divorce two very interesting articles on cases involving LLC regulations in the state of Delaware and their possible impact on legislation in New York and Florida, two states which have often been influenced in this area of the law by developments in Delaware.
The first article is an examination of a schism between two LLC members who were forced to split control of the company under their operating agreement, despite an unequal distribution in ownership shares between them.
The second article is a discussion of the legal and fiduciary duties of LLC members in regard to disclosing negotiations with outside entities for the sale of LLC assets prior to purchasing a co-member’s interests.
Tags: assets, Delaware, fiduciary, fiduciary obligation, Florida, LLC, member duty, New York, obligations, sale of assets
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