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Availing Yourself of the Series LLC: Benefits and Detriments
A “Series LLC” is a form of limited liability company (“LLC”) that has been available under the laws of a number of states for almost 18 years. The Series LLC has gone largely unnoticed in both the common business arena and the courts. The basic format of a Series LLC is a traditional limited liability company whose organizing documents allow for the creation of separate and distinct sub-units (sometimes confusingly themselves called “series” as well) which are intended to operate and be treated as separate, independent entities. Note: To avoid confusion, we will call the parent entity “Series LLC” and the individual series “sub-units” for purposes of this article, although individual states' nomenclature may differ.
The objective that Series LLCs seek to achieve is to simply and cost-effectively create a legal structure whereby the debts and liabilities of the separate sub-units are unenforceable against the assets of other sub-units or the parent. To obtain similar liability protection prior to the advent of the Series LLC would have required formation of separate LLCs to hold specific assets. The costs of formation and maintenance of separate LLCs is significant. With a Series LLC, the liability limitations and protections afforded under traditional LLC's are obtained with relatively minimal costs of formation and maintenance. Additionally, utilization of a Series LLC business structure in complex, multi-participant ventures can reduce the overall complexity of such transactions.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.