A mortgage given by a New Jersey limited liability company to one of its members can be challenged by the purchaser in a court-approved sale of the business, the Appellate Division holds, reversing the trial court.
One of the perceived benefits of the limited liability form of doing business is the limited remedy that a creditor has when attempting to use the LLC member's interest as a source to satisfy a judgment.
The amendments to the New Jersey’s Limited Liability Company Act, N.J.S.A. 42:2C-1-94 thatbegin to take effect in March 2013 will bringing a new era in the way the members of a limited liability company structure their affairs.
A new set of laws governing New Jersey limited liability companies will become effective in March.
The challenges in making the transition from the the founding members of a successful enterprise to the second generation of managers are often difficult, as this litigation involving that has endured for nearly a decade demonstrates.
It’s the Wednesday afternoon before Thanksgiving and the phone rings with a new client.
Limited liability companies are clearly the vehicle of choice for new, closely held businesses.
Small business owners sometimes run into difficulties with their business partners after much time has passed since they first set up the business.
The operating agreement of a limited liability company often contains a restrictive covenant or covenant not to compete that prohibits members who withdraw from the LLC from immediately competing with their former business.
When a limited liability company dissolves, it pays its creditors and distributes the remaining assets in the winding-down process.