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Creditors of Colorado LLC have no standing to sue members who received unlawful distribution

USA - June 21 2013 The Colorado LLC Act prohibits an insolvent LLC from making a distribution to a member. Insolvency is defined as the LLC's liabilities exceeding its...


Oregon becomes the second state to authorize benefit LLCs

USA - June 7 2013 This week Oregon became only the second state to authorize benefit LLCs, when Governor Kitzhaber signed House Bill 2296. Over a dozen states have...


Florida adopts revised Limited Liability Company Act

USA - June 4 2013 The Florida Legislature recently passed unanimously a new limited liability company statute (the New Act), and Governor Scott is expected to sign the...


Kansas court enforces statutory indemnification and awards attorneys' fees in fiduciary duty lawsuit

USA - May 24 2013 The Kansas LLC Act requires an LLC to indemnify its members or managers, in some cases, for their attorneys' fees to the extent they are successful...


Delaware Supreme Court affirms reformation of LLC agreements but reverses award of attorneys' fees - law firm was working for free

USA - May 13 2013 Last year the Delaware Court of Chancery reformed the cash distribution waterfall provisions of three real estate joint venture LLC agreements...