Corporations and LLCs both provide their shareholders and members with limited liability to operate a for-profit business, and while these two forms of business entities are similar in many ways, they also have some important differences. For example, there are key distinctions between corporations and LLCs in their ability to modify or eliminate the fiduciary
Limited Liability Company
Avoiding the Pitfalls of Assigning an Interest in an LLC
By Brian Gillett on
Posted in Limited Liability Company
One of the goals in a business divorce is finality – ending a business relationship once and for all. But what if the end isn’t really the end?
When members of limited liability companies (LLCs) sell their interests in the LLCs to a third party, they may assume that the sale provides the desired end…
Derivative Lawsuits by Private Company Minority Owners: Procedures for Protecting the Company from Insider Misconduct
By Brian Gillett on
By definition, a minority owner in a private company does not have control over the business or the right to make decisions for the company. But minority owners do have legal recourse when the company’s majority owners – through their roles as officers, directors, or managers – engage in conduct that breaches their fiduciary duties…