Consider the following hypothetical: The operating agreement of an LLC vests management authority in its two members. In practice, and by informal mutual consent, only one of the members actively ...

When starting your limited liability corporation (LLC), one of the first things you’ll have to do is decide what kind of LLC you want to build. Some are small ventures run by one person or a family.

Managing members of manager-managed New York LLCs owe default fiduciary duties of loyalty and care to non-managing members. Those duties can be modified by the operating agreement. Lawsuits brought by ...

Members of limited liability companies (LLCs) are divided into managing members who actively participate in the day-to-day running of the business, and inactive members whose involvement with the LLC ...