Posts for "Limited Liability Companies" filter

Post date: Posted on: April 29, 2014

The Delaware Corporate and Legal Services Blog has posted analysis by retiring Delaware Supreme Court Justice Jack Jacobs of recurring issues in corporate governance law.

Tags: Alternative Business Entities, Corporations, Courts, Equity / Chancery, Legal Industry, Legal Theory, Limited Liability Companies, Mergers and Acquisitions
Post date: Posted on: April 11, 2014

Most states' limited liability company statutes contain provisions authorizing indemnification and advancement of legal expenses incurred by managers, officers, and other controlling persons resulting from lawsuits against them in their capacity as such.  Generally, these provisions allow the LLC to reimburse (indemnify) these "covered persons" for any legal expenses, except where the court finds bad faith, gross negligence, or some other "bad act," and companies may go a step further and pay such expenses during the pending litigation (advancement), provided that if the covered person is found to have committed a "bad act," the advanced funds must be repaid.

Tags: Alternative Business Entities, Civil Litigation / Civil Procedure, Comparative Law, Corporations, Equity / Chancery, Fiduciary Duties, Limited Liability Companies
Post date: Posted on: April 2, 2014

The Alabama Legislature has passed the Alabama Limited Liability Company Law of 2014, a substantially revised and restated version of their prior LLC law.

Tags: Alternative Business Entities, Comparative Law, Contracts, Legislation, Limited Liability Companies
Post date: Posted on: April 1, 2014

Corporate and business entity taxation is a complex area, fraught with nuance. As most businesspeople are aware, however (and speaking by way of broad overgeneralization), business entities are generally taxed either as corporate or as pass-through entities.

Tags: Administrative Law, Alternative Business Entities, Commerce, Corporations, Law & Economics, Legislation, Limited Liability Companies, Partnerships, Taxation