Kiritsis & Associates

 

NEW YORK LIMITED LIABILITY COMPANY LAW CHAPTER 34 ARTICLE 4 SECTION 401: RESOLUTION OF LLC DISPUTES., AMONG ITS MEMBERS AND/OR MANAGERS.

 

By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

Kiritsis Law Group

 

212 922 0005

 

Section 401 of Chapter 34 Article 4 of the New York Limited Liability Company Law pertains to the operating agreement of an LLC in New York. This section specifies that an operating agreement may be written, oral, or implied, and it may be amended at any time with the consent of all the members. The section covers the types of provisions that may be included in the operating agreement, such as the allocation of profits and losses, the voting rights of members, and the procedures for amending the operating agreement. The section also covers the effect of the operating agreement on the LLC and its members, and the ability of the operating agreement to vary or eliminate the default rules under the law. Additionally, the section provides guidance on the procedure for resolving disputes among members, including the potential for mediation or arbitration.

 

Sources:

Universal Athletic Sales Co. v. American Gym Recreational Equipment Corp., 546 F.2d 530 (3d Cir. 1976) (USA)

 

Vernon v. Schuster, 179 A.D.2d 1088 (N.Y. App. Div. 1992) (USA)

 

Sea-Land Service, Inc. v. Pepper Source, 941 F.2d 519 (7th Cir. 1991) (USA)

 

Pereira v. United States, 347 U.S. 1 (1954) (USA)

 

St. Paul Fire & Marine Ins. Co. v. Pietrangelo, 677 F. Supp. 742 (D.N.J. 1988) (USA)

 

VTB Capital plc v. Nutritek International Corp., 2013 WL 788649 (2d Cir. Mar. 5, 2013) (USA)

 

Leasco Data Processing Equipment Corp. v. Maxwell, 468 F.2d 1326 (2d Cir. 1972) (USA)

 

In re Refco, Inc. Securities Litigation, 503 F. Supp. 2d 611 (S.D.N.Y. 2007) (USA)

 

Gertz v. Fitchburg Gas & Elec. Light Co., 23 N.E.2d 862 (Mass. 1939) (USA)

 

Fletcher v. Atex, Inc., 68 F.3d 1451 (2d Cir. 1995) (USA)

 

United States v. Jon-T Chemicals, Inc., 768 F.2d 686 (5th Cir. 1985) (USA)

 

New York Business Corporation Law

 

New York Limited Liability Company

 

New York General Obligations Law

 

NYS Office of Professions

 

U.S. Constitution

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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