Dissolution Issues

January 29, 2019

Judicial Dissolution of Delaware LLC Founded on Fraud
The post under the link below discusses a recent Delaware Court of Chancery case in which, under Delaware Limited Liability Company Act § 18-802, the court dissolved an LLC that had been founded on false claims of patent ownership and thus whose business was not “reasonably practicable.”  I suspect that at least a small number of other LLCs are formed every year that could well fall prey to § 18-802 or similar provisions under other LLC acts for having been founded on fraud.

Here’s the link:
https://www.klgatesdelawaredocket.com/2019/01/patently-false-the-delaware-chancery-court-dissolves-limited-liability-company-founded-on-false-claims-of-patent-ownership/

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