Incorporation Specialist Blog

Blockchain, also known as distributed ledger technology (“DLT”), has numerous applications outside of Bitcoin. New applications for DLT are popping up daily, with one of the most ambitious crypto-ledger projects, Ethereum, attempting to apply it to “smart contracts.” This contract would simply be verified if each party satisfied its side of the contract. The technology […]

Member Removal The same holds true when removing a member. It is important to have the resigning member acknowledge the terms whereby that member is leaving the LLC, such as consideration and to whom the interest is being transferred. After the member signs the resignation and transfer acknowledgment, the remaining members sign a First Amended […]

Although I tried to remain focused on my races, feeling less than 100% caused me to race drastically off pace and underperform during one of the most important competitions in my life.  I ended up finishing in the middle of the pack, 10th overall, within a field of very competitive rowers from all parts of […]

  (c) for purposes of imposing liability on any member or manager of a limited liability company for the debts, obligations or other liabilities of the company, a court shall consider only the following factors no one (1) of which, except fraud, is sufficient to impose liability:     (i)    Fraud;     (ii)   Inadequate capitalization;     […]

Accordingly, the Certificate of Formation and Operating Agreement for this type of LLC will generally have a long list of restrictions on the company that are copied from loan documents. Significantly, CMBS lenders do not rely on having these provisions in the loan documents but require them in the company’s organizational documents, perhaps to emphasize […]