[This is the second of several articles on series LLCs, especially Indiana series LLCs. Go here for Part I, which includes an introduction to the concept of series LLCs and some terminology.] Is a series an entity? That’s the question almost every lawyer asks when first introduced to series LLCs. It…
This is the first of several articles about series limited liability companies in general and Indiana’s new series limited liability company statute in particular – a “series series” of articles. (Sorry. I couldn’t resist.) Even as lame as that joke is, it demonstrates that terminology in this area can be very…
On March 23, Indiana’s governor signed House Enrolled Act 1336 which adds to the Indiana Business Flexibility Act to provide for series LLCs. In general, I think it’s a good thing that Indiana has joined the dozen or more other states (plus D.C. and Puerto Rico) with series limited liability companies. I…
[The last in a seve-part series. The other articles in the series are here: Part I, Part II, Part III, Part IV, Part V, Part VI.] With the bankruptcy courts’ inconsistent treatment of a debtor’s LLC membership rights, how should someone structure a limited liability company to maximize the possibility that, should the…
[The other articles in this seven-part series are here: Part I, Part II, Part III, Part IV, Part V, Part VII.] In the last installment of this series, we discussed a few of the bankruptcy cases in which the court, faced with a question of the trustee’s right to exercise the debtor’s…
[The other articles in this seven-part series are here: Part I, Part II, Part III, Part IV, Part VI, Part VII.] We are considering the nature of the economic and noneconomic rights of a member of a limited liability company and whether, if the member enters bankruptcy, the bankruptcy trustee acquires those rights. As…
[The other articles in this seven-part series are here: Part I, Part II, Part III, Part V, Part VI, Part VII.] Although a bankruptcy debtor’s contract rights are within the definition of property of the estate under Section 541 of the Bankruptcy Code, they are different than most other property of…
[The other articles in this seven-part series are here: Part I, Part II, Part IV, Part V, Part VI, Part VII.] The Indiana Business Flexibility Act creates two distinct categories of LLC rights: (1) interest, or “a member’s economic rights in the limited liability company, including the member’s share of the…
[The other articles in this seven-part series are here: Part I, Part III, Part IV, Part V, Part VI, Part VII.] In re Lee, 524 B.R. 798 (Bankr. S.D.Ind. 2015) involved an Indiana limited liability company with five members, one of whom, Lester Lee, held 51 of the 101 votes allocated…
[The other articles in this seven-part series are here: Part II, Part III, Part IV, Part V, Part VI, Part VII.] The law of limited liability companies is a blend of concepts taken from the law of corporations and the law of partnerships. One of the differences between corporations and…