[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…
I am a fan of the radio show, A Way with Words. Over the weekend, I ran across a clip on their website discussing an experiment run by a company in London to demonstrate the risks of using public WiFi. The company set up a hotspot that offered free service…
A couple of years ago the Indiana Business Law Blog posted an article about two different Indiana statutes of limitations for breach of contract: A six-year statute of limitations at Ind. Code § 34‑11‑2‑9, which applies to “promissory notes, bills of exchange, or other written contracts for the payment of money” A…
Not just the questions, but also the answers! 1. I know that a limited liability company is created when articles of organization are filed with the Indiana Secretary of State. What information is in the articles of organization? Surprisingly little information is absolutely required. The bare minimum: The name…
This is the final installment in a series of articles dealing with Indiana’s new benefit corporation statute in general and its applicability to small businesses in particular, and we now arrive at the ultimate question: Is it a good idea for a small businesses to incorporate as (or to convert to)…
[This article is written by Rep. Casey Cox (R-Fort Wayne), the author of Indiana’s new benefit corporation statute and an attorney in the Fort Wayne office of Beers Mallers Backs & Salin, LLP, where he practices in the areas of business and corporate matters, real estate, and local government law.…