Under the link below is a scary recent PLLC ruling by a NY court, as discussed by Peter Mahler of the FarrellFritz law firm in his latest post. Peter summarizes his post as follows:
This week’s New York Business Divorce examines a noteworthy decision by Justice Richard Platkin involving the break-up of a law firm organized as a professional services limited liability company, in which the court addressed the potential liability of two members to buy out a third member’s interest after they withdrew from the firm.
Here is the link:
Peter Mahler’s latest post—as usual, an excellent one—addresses a very recent New York appellate decision concerning a potential buy-out of a deceased member of a real estate holding company LLC—11 years after the member’s death! The facts are weird but the case nevertheless holds many lessons for LLC lawyers drafting buy-sell provisions for deceased LLC members.
Here’s the link:
Fixed-Price Buy-Sell Agreements
The new post by Peter Mahler under the link below is the best brief description of fixed-price buy-sell agreements among the owners of closely held businesses (including multi-member LLCs) I’ve ever seen—and it’s the best explanation I’ve ever seen of why not to use them.
Here’s the link: https://www.nybusinessdivorce.com/2019/01/articles/valuation/another-reason-not-use-fixed-price-buy-sell-agreements/