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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.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.