DEALING WITH DISSOLUTION ISSUES IN AN LLC OPERATING AGREEMENT.

Law Offices of Kiritsis & Associates

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Author: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

The operating agreement of a limited liability company (LLC) can address dissolution issues by specifying the process and criteria for dissolving the company, as well as the distribution of assets upon dissolution. This can include provisions for events that trigger dissolution, such as the death or departure of a member, a vote by the members, or the occurrence of a specified event. The operating agreement can also outline the steps that must be taken to wind up the company's affairs, such as settling outstanding debts and distributing assets to the members. By addressing dissolution issues in the operating agreement, LLC owners can reduce the risk of disputes and ensure an orderly transition if the company is dissolved.

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

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