Index
Using the Index
References are to paragraph (¶) numbers, not pages. A reference such as 1220.05 is to ¶ 1220.05 in Chapter 12; a reference to a whole section, such as 1610, covers every subsection of that section. References beginning with a letter (for example D50.01) are to the Appendices. Each reference links to its paragraph.
Headings are arranged word by word. See directs the reader to the heading under which a subject is indexed; See also lists related headings. Cases and statutes are listed with their paragraph references in the Table of Cases and the Table of Statutes and Regulations.
A
Accredited investors
Investment Company Act, 4760.05, 4760.07
Regulation A, 4750.02, 4750.03, 4750.05
Accumulated adjustments account, 4360.02
built-in gains tax, 4360.04
distributions of property, 4360.03
passive investment income, 4360.06
S corporations, 4360.01
Administrative adjustment requests
conformity to federal classification, 4490.03, 4490.06
consistent treatment, 4440.01, 4440.02, 4440.03, 4440.04, 4440.05, 4440.06
imputed underpayments, 4440.06
partnership representatives, 4430.03, 4430.06, 4490.03, D40.02
Administrative dissolution, 601.04, 1240.04, 3301.06, 3320.02
acts during the gap, 3320.12
certificates of cancellation, 640.07, 670.02, 670.03, 670.04, 3320.05
Delaware, 670.05, 3320.03, 3320.04
Delaware franchise and annual tax, 520.06, 3320.03
Florida, 3320.08
judicial dissolution, 3320.01, B60.01
Nevada, 3320.10
registered agents, 520.06, 670.03
Revised Uniform Limited Liability Company Act, 670.06, 670.07, 3140.07, 3320.01, 3320.06, 3320.07
revival and reinstatement, 640.07, 670.01, 670.02, 670.04, 670.05, 670.06, 670.07, 670.08, 3320.04, 3320.05
Texas, 3320.11
Admission of members, 740.01, 740.05, 2960.01, 5620.05, D30.05, F40, F40.03
admission after formation, 740.03
admission and liability, 2960.05
admission by the agreement, 2960.04
admission of assignees, 740.04
admission of the purchaser, 1680.03
Delaware, 740.02
Delaware Limited Liability Company Act, 740.02, C10.05
new members, 5620.04
preemptive rights, 740.08, 5620.09
record of admission, 2960.07
Revised Uniform Limited Liability Company Act, 740.06, 2960.02, 3190.09
side letters, 870.02
specific performance, 3830.09
spousal consents, D50.01, D50.03
transfers and admission, 790.07
Uniform Commercial Code Article 8, D50.01, D50.02, D50.04
without an economic interest, 740.07
without contribution, 1310.07
See also Transfers of interests
Advancement, 2340, 2340.09, 2350, 2350.01, 2350.06, 2350.07, 2360, 2390, 5650.08
conflicts of interest, 2480.09
fee shifting, 3870.09
good faith (contractual), C20.09
insurance of the LLC, 2390.04
manager-managed LLCs, C20.09
mandatory and permissive, 2350.03
minority members, 3870.09
public policy, 2380.06
scope of advanced expenses, 2350.05
separate from indemnification, 2350.02
undertakings and conditions, 2350.04
See also Indemnification
Advancement litigation, 2350.06
Algorithmic management, 5301.04, 5320.01, 5330.02
decentralized autonomous organizations, 5320.07, 5320.09, 5330.01, 5330.04, 5330.05, 5330.08, 5330.09, 5330.10, 5330.11, 5350.04, 5390.07, 5390.08, 5680.07, C60.02
members' control of the algorithm, 5330.06
smart contracts, 5301.02, 5330.04, 5330.07, 5330.09, 5390.03, 5390.08
statements of management (DAO), 5330.03, 5390.03, C60.02, D20.02
upgradeability, 5330.05, 5390.07, C60.06, D20.02
Wyoming DAO Supplement, 5330.11
Algorithmically managed DAOs. See Algorithmic management
Allocations, 1410, 1470, 1470.05, 1490, 1610.07, 2230.06, 2470.06, 2890.05, 2950.02, 2950.03, 4070.03, 4070.08, 4120.04, 4150.06, 4160.06, 4340.03, 4650.08, 5440.10, 5630.01, E30.03
capital accounts, 1340.01, 1470.03, 4070.05, 5630.03
catch-up provisions, 1550.04
Delaware, 2010.01, 2010.02, 3470.05
depreciation and recapture, 4080.04
guaranteed payments, 1680.06, 4560.01
manager-managed LLCs, 2010.04, C20.03, C20.08
partnership representatives, 5630.07, C20.08
preferred returns, 1550.04
qualified income offset, 1350.05, 1350.06, 4070.05
Revised Uniform Limited Liability Company Act, 1410.04, 2010.03, 2010.04
SALT deduction limitation, 4650.08
Section 199A, 4560.01
Section 704(c), 1470.06, 4080.02, 4080.04
Section 83(b) elections, 1540.05
statutory rule, 1470.02, 4070.01
substantial economic effect, 1470.03, 1470.04, 4070.06, 4070.07
target allocations, 4070.10, 5630.04
waterfalls, 1630.06, 4070.10, 5630.04, 5630.08
See also Capital accounts; Substantial economic effect
consolidations, 4940.01, 4940.02, 4940.03, 4940.04, 4940.05, 4940.06, 4940.07
reverse veil piercing, 970.01, 2670.02, 4940.07
separateness covenants, 4940.03
South Dakota, 560.02
transferee liability, 4250.04
Zimmerman decision, 2620.02
See also Veil piercing
Alternative remedies to dissolution, 3201.03
expulsion, 3240.04
judicial dissolution, 3240.03
oppression, 3240.01, 3240.02, 3240.03, 3240.04, 3240.05, 3240.06, 3240.07, 3240.08, 3240.09
reverse veil piercing, 970.02, 2670.02
Revised Uniform Limited Liability Company Act, 3240.01, 3240.02, 3240.05, 3240.06, 3240.07, 3240.08, 3240.09
Amendment of operating agreements, 5690.01
amendment provisions, 890.02
course of dealing, 770.03, 810.06
course of performance, 770.03, 810.06
Delaware Limited Liability Company Act, 320.08
mandatory rules, 320.08
protective provisions, 2020.04, 5220.02
Revised Uniform Limited Liability Company Act, 850.06, 890.01, 1710.04, 1740.02, 1860.02, 2010.03, 2020.05
AML. See Anti-money laundering
Annual exclusion, 5001.04, 5030.06
drafting for the exclusion, 5030.05
Hackl decision, 5030.02
present interest requirement, 5030.01
Price and Fisher, 5030.03
transfer taxes, 5020.04, 5020.06
Wimmer and the income stream test, 5030.04
Annual reports, A50.02
California, 520.03, 520.04, 660.04, E50.03
California LLC tax and fee, E50.03
continuing obligations, 660.01
cost of a two-state structure, A50.03
Delaware, 520.02, 660.02, 660.03, E50.01
Delaware franchise and annual tax, 520.01, 520.02, 520.03, 520.04, 520.05, 520.06, 520.07, 660.02
foreign registrations, 660.08
franchise taxes, A50.01
Nevada, 660.05
registered agents, 520.06
Revised Uniform Limited Liability Company Act, 660.07
Section 162 and 212 deductions, 660.07
Texas, E50.04
Anti-assignment provisions, 3070.09, 3401.02
contracts and anti-assignment clauses, 3460.06
Anti-money laundering
beneficial-ownership reporting, 680.01, 4860.04, 4860.06
Corporate Transparency Act, 680.01, 4810.01, 4810.07
decentralized autonomous organizations, 5380.04, C60.07
European Union, 4870.02
Antitrust, 5290.04
exclusive remedy, 5240.05
forfeiture-for-competition provisions, 5240.04
intellectual property, 5240.01, 5240.02, 5240.03, 5240.04, 5240.05, 5240.06, 5240.07
non-competition covenants, 5240.01, 5240.02, 5240.03, 5240.06, 5240.07
Appraisal rights, 3401.03, 3430.02, 3490.03
appraisal waivers, 3080.06
Delaware, 3410.02, 3430.01, 3430.06
drag-along rights, 3080.05, 3080.06, 3080.07
Florida, 3410.05, 3430.05, 3430.08
Florida Revised LLC Act, 3430.08
limitation periods, 360.07
minority members, 3430.03, 3440.09
plans of merger, 3430.06
Revised Uniform Limited Liability Company Act, 3410.04, 3430.04, 3430.07
unanimous consent, 3430.03
waivers of contractual appraisal, 3430.09
Arbitration, 720.06, 890.04, 2350.06, 3690.01, 3710, 3750, 3760, 3770, 3770.02, 3770.10, 3780, 3790, 3790.05, 3790.08
books and records, 3770.07
carve-outs after Willie Gary, 3770.04
confidentiality, 3650.07
Delaware, 180.03, 3580.03, 3580.04, 3580.07, 3701.04, 3710.07, 3770.01, 3780.05, 3790.01
delegation clauses, 3770.03, 3770.05
derivative claims, 360.06, 3580.04, 3580.05, 3580.07, 3770.08
Florida, 3760.07
forum selection, 880.05, 3750.02, 3750.03, 3750.04, 3750.10
good faith and fair dealing, implied covenant of, 3260.06
judicial dissolution, 3230.09, 3230.15, 3770.06
jury waivers, 5670.07
mediation, 3270.03
New York, 3720.08
pleading standards, 3720.08
severability, 880.05
stays, appeals and review, 3770.09
tie-breaking mechanisms, 3270.03
Wyoming, 3760.07
See also Forum selection
Arizona
alter ego, 2660.04
choice of jurisdiction, 2660.04
foreign LLCs, 1240.06
fraudulent transfers, 3470.08
transfers by operation of law, 1240.06
Articles of organization
algorithmic management, 5330.09
decentralized autonomous organizations, 5320.03, 5320.07, C60.06
smart contracts, 5320.06, 5330.09
statements of management (DAO), D20.02
Asset protection, 4880.04, 5560, 5560.07
public policy, 2380.01, 2380.02, 2380.03, 2380.04, 2380.05, 2380.06
Revised Uniform Limited Liability Company Act, 2380.03
See also Charging orders; Fraudulent transfers
Assignees. See Assignees and transferees
Assignees and transferees, 720.05, 810.07, 1320.06, 2920.02, 2950.01, 2950.04, 2960.01, 3620.02, 3890.01, 3890.02
admission and liability, 2960.05
admission by the agreement, 2960.04
admission of assignees, 740.04
books and records, 3680.06
buyer's basis and section 743(b), 4170.07
California, 3540.04
CML V decision, 3540.05, 3540.06
contributions by transferees, 1310.08
creditor standing, 3540.05, 3540.06
current distributions, 4110.08
Delaware, 3540.02
Delaware charging order statute, B50.01
derivative claims, 3540.01, 3540.03
dissociation, 840.03, 3670.04, B60.01
fair value, 3120.06
information rights, 2080.05
interim relief, 3890.05, 3890.06
liability of assignees, 2920.06
litigation rights, 2950.06
remedies against transferees, 3890.03
Revised Uniform Limited Liability Company Act, 840.03, 2080.05, 2930.02, 2930.04, 2930.05, 2930.06, 2930.08, 2930.09, 2940.09, 2950.09, 2960.02, 3540.03, 3670.04
spousal consents, D50.01
Texas, 2930.06, 2980.04, 3540.04
transferee liability, 4250.01, 4250.02, 4250.03, 4250.04, 4250.06, 4250.07, 4250.08
transferees and assignees, 370.04
transferees and charging creditors, 4180.08
transferee's special basis under section 732(d), 4120.05
Uniform act charging order provision, B50.01
Uniform Commercial Code Article 8, D50.01
winding up, 2950.09
Wyoming, 4250.05
Assignment, 2920.02, 2920.05, 2920.08, D50
anti-assignment provisions, 1670.05, 2970.04, 3460.06
assignability as the default, 2920.01
becoming a member, 2920.09
consequences of the cessation rule, 2920.03
Cook Islands, 5440.12
divisions and the non-rule, 3460.08
divorce, D50.03
expulsion, 5440.12
incapacity, 2920.10
joinder agreements, D50.02
liability of assignees, 2920.06
pledges of interests, 2920.04, D50.04
repurchase by the company, 2920.07
spousal consents, D50.01, D50.03
At-risk rules, 1020.03, 4060.01, 4970.05
at-risk limitation, 4060.03
limitation outside real estate, 4060.04
Automatic stay, 4910.05
Award review, 3780.04
B
Bad faith, 2260.03, 2260.04, 2290.02, 5650.07
contractual exculpation clauses, 2260.02
contractual standards, 2230.02, 3440.05, 5650.04
duty of loyalty, 2140.03, 2170.02
elimination of fiduciary duties, 340.07, 340.09
fee shifting, 3870.06, 3870.07
Gatz decision, 2320.03
good faith and fair dealing, implied covenant of, 350.07, 2320.07
good faith (contractual), 2170.02, 2170.03, 2170.04, 2230.02, 2320.04, 3140.04
mandatory rules, 330.03, 330.06
New York, 2260.05
Revised Uniform Limited Liability Company Act, 330.03, 330.06, 340.09, 2210.06, 2260.05, 2310.04
statutory boundary, 2260.01
Bad-boy guaranties. See Nonrecourse carve-outs
Bankruptcy, 570.06, 1070.06, 2570.03, 2570.04, 2760.03, 3020.05, 3070.09, 4290.03, 4290.04, 4470.08, 4910, 4920, 4930, 4940, 4950, 4960, 4970, 4980, 4990, 4990.03
adding members, 2760.02
Albright decision, 960.02
alter ego, 4940.01
authority to file bankruptcy, 4920.04, 4920.07
blocking provisions, 1170.06, 1660.06, 4930.02, 4930.07
certificates of cancellation, 3380.12
chapter 11 cases, 4910.04
chapter 7 cases, 4910.04
consolidations, 1070.07, 2680.01, 2680.02, 2680.03, 2680.04, 4940.01
creditor protection, inside and outside, 5520.04
deadlock, 5660.08
Delaware, 3160.02, 3160.08, 4950.06
Delaware Limited Liability Company Act, 3160.02
dissociation, 4950.03
divorce, F70.02, F70.03, F70.04, F70.05
Ehmann decision, 4960.06
executory contracts, 960.03, 3160.06, 3160.07, 4960.01, 4960.04, 4960.06
Garrison-Ashburn decision, 4950.04
incapacity, 3160.01, 3160.03, 3160.04, 3160.05, 3160.06, 3160.07, 3160.10, 3190.05, 5660.08
independent managers, 1170.03, 1170.04, 1170.05, 1950.02, 4930.02, 4930.07, 4990.05, 5150.02
LTL decision, 3470.09, 4980.06
mass tort bankruptcy, 3470.09, 4980.06
member loans, 1380.01, 1380.02, 1380.03, 1380.04, 1380.05, 1380.06
mezzanine financing, 1660.06, 5150.02
Milford Power decision, 3160.08, 4950.06
property of the estate, 1070.07, 4950.01, 4950.02, 4950.03, 4950.04, 4950.05, 4950.07
public policy, 1170.06
receivers, 3380.12
recharacterization of debt, 1380.02, 1380.04
special-purpose entities, 960.05, 1170.01, 1170.02, 1170.03, 1170.04, 1170.05, 1190.05, 1950.02, 4990.02, 5550.05
substantive consolidation, 2680.01, 2680.02, 2680.03, 2680.04
transfers by operation of law, 2980.06
Bankruptcy of a member, 2570.04
consolidations, 2680.04
creditor protection, inside and outside, 5520.04, 5530.03, 5590.01
deadlock, 5660.08
dissociation, 4950.03
executory contracts, 4960.01, 4960.05, 4960.06
Garrison-Ashburn decision, 4950.04
incapacity, 5660.08
member's bankruptcy, 2760.03
Milford Power decision, 3160.08, 4950.06
property of the estate, 4950.01, 4950.02, 4950.03, 4950.04, 4950.05, 4950.07
provisions on a member's bankruptcy, 4990.03
substantive consolidation, 2680.04
transfers by operation of law, 2980.06
Bankruptcy-remote entities. See Special-purpose entities
Basis, 4001.04, 4060.02, 5080.02
capital accounts, 4030.06
current distributions, 4110.03, 4110.04, 4110.05, 4110.06, 4120.02, 4120.04, 4130.05, 4150.02, 4150.07
grantor trusts, 5080.05
inside basis, 4030.01, 4030.02, 4030.03, 4030.04, 4030.05, 4030.06, 4030.07, 4030.08
liquidating distributions, 4150.02, 4150.03, 4150.07
mixing-bowl rules, 4140.03, 4140.04
outside basis, 4030.02, 4030.04, 4101.03, 4110.03, 4110.04, 4120.02, 4120.04, 4140.04
partnership information returns, 4030.07
Basis step-up at death, 4390.08, 5080.02
income in respect of a decedent, 4160.09, 4180.02
inside step-up, 4180.03
Basis-shifting transactions, 4001.04
conflicts of interest, 4170.10
economic substance, 4090.02
partnership anti-abuse rule, 4090.01, 4090.02, 4090.03, 4090.04, 4090.05, 4090.06, 4090.07, 4090.09
partnership information returns, 4090.05, 4090.06, 4090.07, 4090.09
BBA audit regime. See Centralized partnership audit regime
Belize
Belize LLC Act, 5570.04
creditor standing, 5430.08
cross-border planning, 5490.05
domestications, 5430.10
entity classification, 5480.04
foreclosure of charged interests, 2780.04
full faith and credit, 5490.05
non-U.S. LLC statutes, 2780.04
penalties for reporting failures, 5430.02
recognition of foreign judgments, 5430.08, 5430.10
statute and its renaming, 5430.01
See also Belize LLC Act
Beneficial owner reporting. See Beneficial-ownership reporting
Beneficial owners, 4840.06
beneficial-ownership reporting, 580.02, 680.01, 680.03, 4860.02, 4860.04
Corporate Transparency Act, 680.01, 4810.03
customer due diligence rule, 4860.02
substantial control, 4820.03
substantial control in an LLC, 4820.04
timing and updates, 4820.08
Beneficial-ownership reporting, 4240.09, 4840, 4860, 4860.01, 4890
2025 interim final rule, 680.02
beneficial owners, 4860.02
Common Reporting Standard, 4860.08
Corporate Transparency Act, 680.01, 4810.08
customer due diligence rule, 680.04, 4860.02, 4860.03
decentralized autonomous organizations, 5350.06
FATCA, 4860.08
Federal beneficial ownership reporting, 580.02
FinCEN, 680.03, 4840.02, 4860.03, 4860.04
Form 1099 reporting, E60.04
Form 5472, E60.04
good standing, D80.01, D80.02, D80.03, D80.04
incumbency certificates, D80.01, D80.02, D80.03, D80.04
Internal Revenue Service reporting, 4860.07
Investment Advisers Act, 4860.06
New York, 680.05
residential real estate reporting rule, 4860.04, 4860.05
S corporations, 680.07
See also Corporate Transparency Act
Benefit companies. See Benefit LLCs
Benefit LLCs, 160.01, 510.04, 530.03, 590.05, 1101.02, 1101.04, 1150.05, 1150.06, 1150.07
balancing duty, 1150.04
Delaware, 1150.01, B10.01, B10.04
Delaware Limited Liability Company Act, 240.02, 240.05
formation and the public benefit, 1150.03
legislative amendments to Delaware LLC Act, 240.05, B10.01
mandatory character, 1150.02
Blockchain, 5320.01
decentralized autonomous organizations, 4780.01, 4780.03, 5310.01, 5310.02, 5330.11, 5340.08, 5350.04, 5360.01, 5360.04, 5360.08, 5370.04, 5370.06, 5370.08, 5390.07, C60.05
electronic records, 2090.01, 2090.03, 5320.05
smart contracts, 5320.05, 5390.03
unwrapped DAOs, 5310.01, 5310.02
Blocker corporations
unrelated business taxable income, 5270.05
Blocking provisions
Delaware, 4930.09
electronic records, 2090.04, 2090.05
independent managers, 1950.02, 4930.01, 4930.02, 4930.03, 4930.04, 4930.05, 4930.06, 4930.07, 4930.08, 4930.09, 4930.10, 5150.02, C10.03
Intervention Energy decision, 4930.05
mezzanine financing, 1660.06, 5150.02
Michigan, 4930.04
preferred interests, 1660.06
protective provisions, 2020.04, 4930.08
public policy, 1170.06
special-purpose entities, 1170.06, 1190.01, 1950.02, 4930.01, C10.03
Board observers, 1930.07
Board of managers, 1910, 1920, 1930, 1940, 1960, 1980, 1990
board observers, 1930.07
California, 4630.05
contested elections and votes, 1930.08
corporate opportunity, 2150.01
creating the board, 1930.01
dual fiduciaries, 1930.06, 1930.08, 5220.01, 5640.05
election and designation, 1930.02
good faith (contractual), C20.09
manager-managed LLCs, C20.09
nexus, 4630.05
partnership representatives, 4430.06
protective provisions, 1930.04
proxies, 1940.06
quorum, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.06, 1940.07, 1940.08
recordkeeping, 1940.07
removal and vacancies, 1930.05
unequal votes and classes, 1930.03
written consents, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.08, D30.04
BOI reporting. See Beneficial-ownership reporting
Books and records, 2950.04, 3601.04, 3610, 3610.02, 3610.04, 3610.06, 3620, 3620.06, 3630, 3640, 3650, 3660, 3660.10, 3670, 3680, 3680.05, 3680.06, 3680.07, 3690, D60.02
arbitration, 3650.07, 3770.07, 3770.10
arbitration of books-and-records claims, 3770.07
buy-sell agreements, 3680.04
confidentiality, 3650.02, 3650.05, 3650.07, 3660.05
Delaware Limited Liability Company Act, 240.05, 2070.05, 2070.06, 2070.07
discovery, 3680.08
good faith (contractual), C20.09
information rights, 320.04, 360.05, 2070.05, 2070.06, 2070.07, 2080.06, 5340.04, 5640.09
manager-managed LLCs, C20.09
manager's right, 3610.05
mandatory rules, 210.05, 320.04, 320.08
pleading standards, 3680.02
proper purpose, 3630.01, 3630.06, 3630.08
Revised Uniform Limited Liability Company Act, 210.05, 2080.06, 2930.06, 2930.09, 3670.11
statutory and contractual right, 3610.01
summary proceedings, 3610.03, 3710.03
tools at hand, 3680.01
See also Information rights
Bottom-dollar guarantees
bottom dollar payment obligations, 4050.06
British Virgin Islands, 5460.01
Broker-dealer registration
bad actor disqualification, 4740.09, 4790.04
buy-sell agreements, 4770.05
controlling members, 4770.06
Regulation D, 4740.09, 4740.10, 4750.06, 4790.07
Rule 10b-5, 4770.01, 4770.02, 4770.04, 4770.07, 4770.08
Section 4(a)(2), 4770.03
securities control-person liability, 4770.01, 4770.02, 4770.03, 4770.04, 4770.05, 4770.06, 4770.07, 4770.08
Burden of proof (fraudulent transfer), 3890.01
books and records, 2070.07, 3660.10
interim relief, 3810.07, 3890.05
limited partner exclusion, 4520.07
Business judgment rule
Delaware, 240.07, 2430.08, 3450.09
Delaware forum reliability, 240.07, 540.05, 3780.02
duty of care, 2160.02, 2160.04
Revised Uniform Limited Liability Company Act, 2101.03, 3550.08
Business trusts, 101.03, 110.05, 3930.03
check-the-box regulations, 3910.01, 3910.02
Delaware, 460.01, 3410.02, 3450.02, 3450.03
domestications, 3450.02, 3450.03
electing small business trusts, 4320.09
Buyouts. See Buy-sell agreements
Buy-sell agreements, 3001.02, 3010, 3010.01, 3010.08, 3060, 3090, 3090.07, 3190.02, 3680.04
broker-dealer registration, 4770.05
California, 3250.07
deadlock, 1720.06, 1980.04, 3090.06, 3270.07, 3270.10, 5220.05, 5660.05
disability buyouts, 3050.09
dissociation, 3010.04, 3110.05, 3110.08, 3170.05, 3170.10, B60.01
distribution limits, 3170.05
drag-along rights, 3830.07
fair value, 220.03
judicial dissolution, 1720.06, 3230.13, 3230.15, 3250.08, A40.01, B60.01
North Carolina, 3250.07
oppression, 3090.06, 3240.08, 3250.06, 3250.08, 3280.04
puts, calls and buy-sell provisions, 5250.04
Section 2704, 3110.05
securities control-person liability, 4770.05
tag-along rights, 3080.01, 3830.07
transfer restrictions, 3090.05, 4330.09
Uniform Limited Liability Company Act (1996), 220.03
See also Rights of first refusal; Valuation
C
California, 501.02, 520.04, 590.04, 1220.06, 1280.05, 2670.03, 3250.07, 3540.04, 3550.05, 4650.08, 5130.08
alter ego, 2540.03
buy-sell agreements, 3250.07
California LLC tax and fee, 520.03, 660.04, 1080.04, 1220.06, 4620.02, 4660.07, A60.07, E50.03
California RULLCA, 250.06, 1110.06, 2110.05, 3360.08, 3540.04, 3670.09
choice of jurisdiction, 1280.05
community property LLCs, 2670.03
composite returns, 4630.06
counterparts and electronic signatures, 1250.06
default duties, 2110.05
Delaware franchise and annual tax, 520.03, 520.04, 4620.02
foreign LLCs, 1110.06
formalities, 2540.03
franchise taxes, 4630.05, E50.03
gross receipts taxes, 250.06
internal affairs doctrine, 1250.06
nexus, 660.04, 1080.04, 4630.05, 4630.06, A60.07
Revised Uniform Limited Liability Company Act, 3360.08, 3670.09
SALT deduction limitation, 4650.08
California LLC tax and fee, 4610.02
California, 520.03, 660.04, 1080.04, 1220.06, 4620.02, 4660.07, A60.07, E50.03
California RULLCA, 2510.05, 3310.04, B90.02
California, 250.06, 1110.06, 1250.06, 2110.05, 2540.03, 3250.07, 3360.08, 3540.04, 3550.05, 3670.09, A60.07
dissociation, 3120.05, 3130.05, 3170.01
Florida, 1220.04
incorporation of corporate law, 2630.02
internal affairs doctrine, 1250.02, 1250.03, 1250.05
judicial dissolution, 3250.08, A40.01
pleading standards, 3550.05
Revised Uniform Limited Liability Company Act, 230.03, 330.05, 1220.04, 1230.04, 1290.05, 2120.04, 3140.07, 3170.01, 3360.08, 3670.09, 3670.11, A10.01
Wyoming LLC Act, A40.01
Cancellation. See Certificates of cancellation
Capital accounts, 1310, 1340, 1340.01, 1340.04, 1340.06, 1340.07, 1350, 1360, 1360.06, 1401.02, 1490.01, 1590.06, 4020.03, 4070.03, 4070.08, 5620.05, 5630.01
basis, 4030.06
catch-up provisions, 1550.02, 1550.03, 1550.04, 1550.06
depreciation and recapture, 4070.05
inside basis, 4030.06, 4030.07
maintenance rules, 1340.03
manager-managed LLCs, C20.03, C20.08
one class of stock, 430.03, 4330.04
partnership anti-abuse rule, 4090.06, 4090.09
partnership information returns, 4030.07, 4090.06
partnership representatives, C20.08
preferred returns, 1550.03, 1550.04, 1550.06
profits interests, 1360.05, 1510.02, 1510.05
promissory notes as contributions, 1310.06, 1340.05
qualified income offset, 1350.01, 1350.02, 1350.06, 4070.05
revaluations, 1350.02, 1550.02, 4080.08
Capital calls, 1330.01
defaulting members, 1330.03, 1330.05, 5160.03
dilution, 1330.04
equitable subordination, 1330.06
good faith (contractual), 1330.08
manager-managed LLCs, C20.04
mandatory and optional calls, 1330.02
member loans, 1330.05, 1370.06
suit for the contribution, 1330.07
tax payments under charging orders, 5420.08
Capital contributions, 1320.06
basic rule, 1320.01
cash-equivalent option, 1320.02
compromise and the rights of creditors, 1320.04
conditional obligations, 1320.05
defaulting members, 5620.07
irrevocable subscriptions, 1320.07
statutes of frauds, 1320.03
Capital interests, 1580.02
carried interest, 1560.03, 1560.04, 1560.07, 5170.06, 5260.03
Fields decision, 1540.02
profits interests, 1360.05, 1510.01, 1510.02, 1510.03, 1510.04, 1510.05, 1510.06
Care, duty of. See Duty of care
Carried interest, 1501.04, 1760.07
capital interests, 1510.05, 1560.04
fund managers, 5260.03, 5260.04
promotes, 1560.01, 1560.02, 1560.03, 1560.04, 1560.05, 1560.06, 1560.07, 5170.06, 5260.04
Carry. See Carried interest
Carve-out guaranties. See Nonrecourse carve-outs
Catch-up provisions, 1501.04, 1590.06
capital accounts, 1550.04
preferred returns, 1550.01, 1550.02, 1550.03, 1550.04, 1550.05, 1550.06, 1690.02, 4330.06
revaluations, 1550.02
sponsors and investors, 1630.01, 1630.02, 1630.03
waterfalls, 1480.01, 1630.01, 1630.02, 1630.03, 4330.06, 5630.08
Centralized partnership audit regime, 4410
effective date of formation, 4410.04
Florida, 4610.05
Georgia, 4610.05
Certificate of formation, 610, 1010.05, C70.05, D30.02
amendment and correction, 610.07
certificates of cancellation, 670.02, 3380.01, D10.04
Delaware, 610.04, 3320.04, D10.05, D10.06
Delaware Limited Liability Company Act, 610.01
operating agreement and the filing, 610.06
optional contents, 610.03
registered agents, D10.02, D10.03
registered series, D10.04, D10.07
required contents, 610.02
Revised Uniform Limited Liability Company Act, 610.05, 780.06
revival and reinstatement, 670.02, 3320.04
side letters, 780.01, 780.02, 780.03, 780.04, 780.05, 780.06, 780.07
Certificated interests, F50.03
pledges of interests, 1670.03, 2970.03, D50.04, F60.02
transfer restrictions, 2940.10, 4790.03
Uniform Commercial Code Article 8, 2940.10, 2970.03, 5150.04, D50.04
Certificates of cancellation, 3301.03
administrative dissolution, 670.02, 670.04, 670.06, 670.08, 3320.03, 3320.05, 3320.12
claims procedures on dissolution, 3350.11, 3380.12, 3390.04, 3390.05
consolidations, 3420.05
Delaware, 670.05, 2560.07, 3320.03, 3320.04, 3330.03
dissociation, B60.01
good standing, 670.01
interest exchanges, 3420.05
judicial dissolution, B60.01
post-dissolution claims, 2560.07, 3840.04
receivers, 3380.01, 3380.02, 3380.03, 3380.04, 3380.05, 3380.06, 3380.07, 3380.08, 3380.09, 3380.10, 3380.11, 3380.12, 3840.04
registered agents, 670.03
registered series, D10.04
Reinz decision, 3380.02
Revised Uniform Limited Liability Company Act, 670.06, 670.07
revival and reinstatement, 640.07, 670.01, 670.02, 670.03, 670.04, 670.05, 670.07, 670.08, 3320.04, 3320.05
winding up, 3301.02, 3380.11, 3390.04, 3390.05, D10.04, D70.01, F90.05
withdrawal and cancellation, 1240.05
Chancery. See Court of Chancery (Delaware)
Changes in number of members, 2790.03, 4201.02, 4270.05, 4290.06
changes in the number of members, 930.06, 3480.07
creditor protection, inside and outside, 5530.02, 5530.06
disregarded entity to partnership, 4260.02
elective classification changes, 3970.07, 3970.08, 3970.09
multi-member structuring, 990.03
partnership to disregarded entity, 4260.03
Chapter 11 cases, 4970.02, 4970.04
authority to file bankruptcy, 4920.04, 4920.06, 4920.07
blocking provisions, 1170.06, 1660.06
chapter 7 cases, 4910.04
executory contracts, 3160.07, 4960.04, 4960.06
LTL decision, 3470.09, 4980.06
mass tort bankruptcy, 3470.09, 4980.06
Charging creditor. See Charging orders
Charging creditor, tax position of
creditor protection, inside and outside, 5510.08
Charging orders, 550.02, 950.01, 2710, 2710.03, 2710.04, 2710.05, 2710.06, 2720, 2730, 2740, 2750, 2760, 2770, 2780, 2790, 3540.07, 4970.05, 5430.06, 5440.02, 5470.01
American statutes, 5470.02
clawbacks, 1640.06
creditor protection, inside and outside, 5510.01, 5510.02, 5510.03, 5510.04, 5510.06, 5510.07, 5510.08, 5520.01, 5520.02, 5520.03, 5520.07
creditors' remedies, 950.06, 970.01, 1270.03, 2770.06, A30.02, A30.03, A30.04
custodians, 3840.09
Delaware charging order statute, B50.01
distributee liability, 3370.05
divorce, F70.02
English origin, 2710.01
exclusive remedy, 5510.02, A30.01, A30.04
Florida, 160.07, 290.05, 570.04, 950.03, 950.04, 950.07, 2720.05, 2790.06, 5180.04, 5510.04, 5510.05, A30.03, B50.03
Florida Revised LLC Act, 160.07, 950.03, B50.03
foreclosure of charged interests, 950.04, 950.06, 2720.05, 2740.02, 2740.05, 2780.04, 2980.08, 3180.07, 5510.03, B50.02
foreign LLCs, 570.04, 1270.03, 5180.04, 5510.05
Marshall Islands, 5450.05
net investment income tax, 4570.05
Nevada, 4970.03
Nevis, 1460.04, 2750.10, 5470.04, 5470.06, 5570.02, 5680.03
Nevis LLC Ordinance, 2750.10, 5420.07, 5460.02, 5570.02
non-U.S. LLC statutes, 2780.01, 2780.04, 5410.02
receivers, 3840.09
reference statutes, 290.05
reverse veil piercing, 570.05, 970.01, 2670.02, 2670.04, 5520.03
Revised Uniform Limited Liability Company Act, 230.09, 950.05, 2720.03, 2740.02, 2740.05, 3370.05
service of process, F70.02
tax distributions, 1460.06, 1640.06, 2750.03, 2750.06
tax payments under charging orders, 570.07, 1460.01, 1460.02, 1460.03, 1460.04, 1460.05, 1460.06, 5520.07, 5680.03
transferees and charging creditors, 4180.08
transfers by operation of law, 2980.08
Uniform act charging order provision, 2720.03, A30.01, B50.01
Wyoming, 570.07, 950.07, 5510.06
See also Creditors' remedies; Exclusive remedy; Foreclosure of charged interests
Charitable planning, 4270.05
annual exclusion, 5020.04, 5030.01, 5030.03
defined value clauses, 5040.03, 5040.05, 5040.06, 5040.07, 5040.08
gifts and transfers to trusts, 4180.09
low-profit LLCs, 1130.01, 1130.02, 1130.05, 1140.01, 1140.02, 1140.03, 1140.05
nonprofit LLCs, 1160.01, 1160.02, 1160.03, 4220.08, 5080.08
special-purpose entities, 160.05, 1190.01, 1190.03
transfer taxes, 5020.04, 5020.06
valuation discounts, 5040.03, 5040.05, 5040.06, 5040.08
varying interests, 4080.10
Check the box. See Check-the-box regulations
Check-the-box regulations, 3910, 3950, 3960, 3960.03, 3970, 3990, 3990.09, 4290.06
1996 final regulations, 150.02
corporate resemblance test, 3910.04
default classification, 150.03, 3950.01, 3950.03, 3950.05, 3950.06, 3950.07, 4280.04, 5480.02
effect on state LLC statutes, 150.05
effective date of formation, 3960.04, 4310.02
elective classification changes, 150.04, 3970.02, 3970.03, 3970.04, 3970.06, 3970.09, 4260.04, 4260.05
eligible entities, 150.03, 3950.01, 3950.03, 3950.05, 3950.06, 3950.07
Form 8832, 3960.01
Kintner regulations, 3910.03
limits of disregarded status, 150.07
LLC rulings, 3910.05
Loper Bright decision, 150.06, 3910.08
Morrissey decision, 3910.02
Notice 95-14, 150.01
Notice 95-14 and the 1996 regulations, 3910.06
partnership representatives, D40.03
S corporations, 680.07, 3960.06, 3960.09, 4310.01, 4310.02, 4310.06, D40.03, E10.01, E10.02
significance of 1997, 150.08
See also Entity classification
Choice of entity, 401.04, 480.02, 3401.02
closely held operating businesses, 480.03
decision as a sequence, 480.01
family wealth and estate planning, 480.07
investment funds, 480.06
non-U.S. LLC statutes, 480.10
professional practices, 480.08
real estate, 480.05
single owners, 480.09
venture-backed companies, 480.04
Choice of jurisdiction, 2730.01, 2790.02, 5190.04, F10.02
California, 1280.05
choice of state, 5010.06
decentralized autonomous organizations, D20.03
Florida, 950.04, 2740.06, 5180.04, 5680.04
foreign LLCs, 1270.02, 2740.06, 5180.04, D20.03
internal affairs doctrine, 290.03, 1250.02, 1250.07
law of the jurisdiction of formation, 2660.02
Choice of law, 2550, 2660, 2660.01, 3760, 3760.01
Arizona, 2660.04
choice of jurisdiction, 2660.02
Colorado, 2550.05
constitutional limits, 2550.03
cross-border planning, 5490.01
Delaware, 3760.04
directed trusts, 5440.08
domestications, 3450.04
Florida, 2780.02, 3760.02, 3760.07
Florida Revised LLC Act, 3760.02
governing law, C01.02
governing law and forum, 5670.06
internal affairs doctrine, 1250.01, 3760.06
non-U.S. LLC statutes, 2550.05, 2780.01, 2780.02, 2780.03, 2780.04, 2780.05, 5490.01
Section 2708, 3760.03
severability, 880.01, 880.02, 880.03, 880.04
statutory choice-of-law provisions, 1070.02
Claims procedures on dissolution, 3350.10
certificates of cancellation, 2560.07, 3380.12, 3390.04
Delaware, 2560.03, 2880.02, 2880.03, 3370.06
distributee liability, 2880.05, 2880.06, 3370.06, 3370.09
distribution of assets, 5670.04
known claims, 3350.02
liquidating trustees, 2880.03, D70.03
members and managers as creditors, 3350.11
mixing-bowl rules, 4140.02, 4140.03
Nevada, 3360.09
post-dissolution claims, 2560.06, 2560.07
receivers, 3380.12
Revised Uniform Limited Liability Company Act, 2560.05, 2880.04, 2880.05, 3360.01, 3360.02, 3360.03, 3360.04, 3360.09, D70.02
Section 704(c), 1470.06, 4140.02, 4140.03, E20.05
winding up, 2560.03, 2560.04, 2560.05, 2560.06, 3390.04, 3390.05, B10.03
Class actions
pleading standards, 3720.06
distribution limits, 1640.03
redemptions, 1480.03
tax distributions, 1640.01, 1640.02, 1640.03, 1640.04, 1640.05, 1640.06
Close corporations, 110.08, 420.03, 2601.02, 3201.03
alternative remedies to dissolution, 3240.05, 3240.06, 3240.08
minority members, 3210.01, 3210.04, 3210.05
oppression, 3240.05, 3240.06, 3240.08, 3250.01, 3250.02, 3250.03, 3250.04
Revised Uniform Limited Liability Company Act, 3250.04, 3840.05
Closely held LLCs, 2470.01
choice of entity, 480.03
close corporations, 3210.05
Delaware, 3210.02
dissociation, 3210.03
lock-in, 3210.01
minority members, 3210.01, 3210.02, 3210.04, 3210.05, 3210.06
Revised Uniform Limited Liability Company Act, 3210.03
special litigation committees, 3550.06
Texas, 3550.06
Code upgrades. See Upgradeability
Colorado
California RULLCA, 1260.06
choice of jurisdiction, 1260.06
creditor standing, 1440.05
Marshall Islands LLC Act, 2550.05
non-U.S. LLC statutes, 2550.05
wrongful distributions, 1440.05
Committees, 1760.07
advisory committees, 5260.07
California, 3550.05
conflicts committees, 1950.01, 1950.03, 1950.04, 1950.05, 1950.06, 1950.07, 1950.08, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06
conflicts of interest, 1950.05
contractual standards, 2240.01, 2240.03, 2240.04, 2240.05, 2240.06
decentralized autonomous organizations, C60.07
demand futility, 3550.02
derivative claims, 3550.01
independent managers, 1950.01, 1950.02, 1950.03, 1950.04, 1950.06
key person provisions, 5260.07
manager compensation, 1950.08
quorum, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.06, 1940.07, 1940.08
Revised Uniform Limited Liability Company Act, 3550.08, 3550.09
smart contracts, C60.07
special litigation committees, 1950.07, 3550.01, 3550.03, 3550.04, 3550.06, 3550.07, 3550.08, 3550.09
Texas, 3550.06
written consents, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.08
Zuckerberg test, 3550.02
Community property LLCs, F50.03
changes in number of members, 930.06, 990.03
creditor protection, inside and outside, 5520.03, 5530.01
divorce, 2980.04, 3020.04, 5090.05, D50.03
reverse veil piercing, 970.03, 2670.03, 5520.03
spousal consents, 3020.04, 3160.03, 3920.04, 4220.07, 5090.04, 5090.05, 5690.05, C70.03, D50.03
Company names, 640.01, 1840.02, 4290.06
certificate of formation, 610.07, D10.02, D10.03
Composite returns
cross-border planning, 4690.04
Georgia, 4640.06
two-tier structures, 4640.05
withholding, 1460.05, 4640.01, 4640.02, 4640.03, 4640.04, 4640.05, 4640.06, 4640.07, 4690.04
Confidentiality, 3650.03, 3660.05, 5290.02
arbitration, 3650.07
books and records, 3680.05, D60.02
contractual fee provisions, 3650.08
Corporate Transparency Act, 4810.08
Delaware Limited Liability Company Act, 2070.04
good faith and fair dealing, implied covenant of, 3650.04
independent contractual rights, 3650.06
information rights, 2070.04
manager's right, 3650.05
power to contract, 3650.01
privacy and distinguished, 4880.01
reasonable standards, 3650.02
Conflicts committees, 1760.07, 1901.04, 2201.03, 2290.02, 2440.02, 2440.06, 5670.08
conflicts of interest, 1950.05
contractual standards, 340.05, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06, 3440.03, 5650.04
independent managers, 1950.01, 1950.02, 1950.03, 1950.04, 1950.05, 1950.06, 1950.07, 1950.08
manager compensation, 1950.08
safe harbors, 340.05, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06, 3440.04, 5650.04
special litigation committees, 1950.07
special-purpose entities, 1950.02
Conflicts of interest, 1920.04, 2401.02, 2420, 2430, 2440, 2440.02, 2460, 2460.02, 2480, 2480.09, 2490
basis-shifting transactions, 4090.03, 4170.10
check-the-box regulations, D40.03
conflicts committees, 1950.03, 1950.05, 1950.06
contractual standards, 340.05, 2430.05
Delaware, 2420.02
dual fiduciaries, 5230.05
features of the delegation power, 1760.02
independent managers, 1950.03, 1950.05, 1950.06
partnership representatives, D40.01, D40.02
S corporations, D40.03
sponsors and investors, 1760.08, 2410.08, 2490.03
tax treatment of related-party transactions, 2490.01
Conformity to federal classification, 4490.04, 4610.03
cooperation covenants, 4490.05
enforcement climate, 4490.02
imputed underpayments, 4490.03
partnership representatives, 4490.03
push-out elections, 4490.06
state conformity, 4490.01
Consents, written. See Written consents
Consistent treatment
administrative adjustment requests, 4440.01, 4440.02, 4440.03, 4440.04, 4440.05, 4440.06
imputed underpayments, 4440.06
Consolidations
alter ego, 4940.01, 4940.02, 4940.03, 4940.04, 4940.05, 4940.06, 4940.07
appraisal rights, 3430.03, 3430.06
bankruptcy of a member, 2680.04
certificates of cancellation, 3420.05
enterprise liability, 2650.05
interest exchanges, 3420.01, 3420.02, 3420.03, 3420.04, 3420.05, 3420.06, 3420.07, 3420.08, 3420.09
property of the estate, 1070.07
registered series, 3420.09
reverse veil piercing, 4940.07
Revised Uniform Limited Liability Company Act, 3420.06
separateness covenants, 4940.03
substantive consolidation, 1070.07, 2650.05, 2680.01, 2680.02, 2680.03, 2680.04
Constructive trusts, 2150.04, 3801.05
creditors' remedies, 970.01
declaratory judgments, 3880.01, 3880.02, 3880.03, 3880.04, 3880.05, 3880.06, 3880.07
Contested elections and votes, 1970.04, 2060.02, 2060.03
dual fiduciaries, 1930.08
elections and removals, 1730.07
interim relief, 3810.08, 3890.06
managers and contested votes, 860.03
minority members, 1930.08
relation to the agreement, 2060.04
Revised Uniform Limited Liability Company Act, 1790.01, 2060.05
service of process, 1920.07
subject-matter jurisdiction, 3710.03, 3710.04
summary proceedings, 2060.01, 3710.03, 3810.08, 3820.01, 3820.02, 3820.03, 3820.06, 3820.10, 3870.05
Continuance into another jurisdiction, 5420.11
Delaware, 3450.06
domestications, 3450.06
non-U.S. LLC statutes, 5410.05
Continuation after dissolution, 3330.01
continuation vehicles, 5260.08
Delaware, 3120.03, 3330.02, 3330.03
loss of the last member, 5670.02
non-U.S. LLC statutes, 5410.05
retroactive amendment, 3330.05
Revised Uniform Limited Liability Company Act, 3330.04
single-member case, 3330.06
Continuous ownership requirement
continuous ownership, 3540.08
derivative claims, 860.04, 3510.02, 3560.01, 3560.05, 3560.06, 3590.04
Contract, freedom of. See Freedom of contract
Contractual standards, 2201.02, 2201.03, 3440.03
Brinckerhoff decision, 2230.06, 2280.01
conclusive presumption enforced, 3440.06
conclusive presumptions, 2440.04
conflicts committees, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06
elimination of fiduciary duties, 340.04, 340.05
fair and reasonable, 2230.05
good faith (contractual), 2230.02, 2230.06, 2280.01
replacement standard, 2230.01
safe harbors, 340.05, 2230.03, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06, 5650.04
shift the analysis, 2430.05
sole discretion, 2230.04
Controlling members, 2120.05, 2430.06, 5650.02
broker-dealer registration, 4770.01, 4770.02, 4770.03, 4770.04, 4770.05, 4770.06, 4770.07, 4770.08
buy-sell agreements, 4770.05
change of control, 1750.03
controllers and affiliates, 370.05
default duties, 2190.05, 3440.02
entity managers and their controllers, 2120.06
environmental liability, 2870.03, 2870.04
manager's own governance, 1750.04
prevalence of entity managers, 1750.01
principle applied to LLCs, 1750.02
Rule 10b-5, 4770.04
Section 4(a)(2), 4770.03
securities control-person liability, 2870.03, 4770.01, 4770.02, 4770.06, 4770.07, 4770.08
Controlling stockholder legislation (SB 21)
Delaware forum reliability, 240.07, 540.04, 3780.02, 5560.06
Delaware General Corporation Law, 2420.04
Conversions, 490.02, 590.03, 3410, 3430, 3450, 3480, 3480.06, 3490, 5110.08
annual compliance reviews, F95.01, F95.02, F95.03
bankruptcy of a member, 4950.05
basis step-up at death, 4180.03
California, 1280.05
certificate of formation, D10.06
Delaware, 3410.02, 3450.02, 3450.03, 3450.06, 3450.08, 3450.09, D10.06
domestications, 830.05, 3450.01, 3450.02, 3450.03, 3450.04, 3450.05, 3450.06, 3450.07, 3450.08, 3450.09, 3450.10, 3560.04, 5450.06, B70.01
double derivative claims, 3560.04
elective classification changes, 3970.05
F reorganizations, 4390.03
imputed underpayments, 4480.07
liquidation and back to partnership status, 4390.04
mergers, and divisions, 5670.05
property of the estate, 4950.05
registered series, 1030.06
S corporations, 4310.06, 4310.07, 4390.03
statutory conversion of partnerships, 3480.05
to a corporation, 4180.07
Cook Islands
check-the-box regulations, 5570.07
Cook Islands LLC Act, 5440.01, 5570.05
directed trusts, 5440.12
duration of charging orders, 5570.05
expulsion, 5440.12
FATCA, 4870.05
foreclosure of charged interests, 2780.04
non-U.S. LLC statutes, 2780.04
per se corporations, 5570.07
public registers, 4870.05
See also Cook Islands LLC Act; Proposed Cook Islands amendments
Corporate opportunity, 2150.04, 2450.01, 3860.02, 5290.02, 5290.03, 5290.04
opportunity doctrine, 2150.01
Corporate resemblance test, 101.03, 120.05, 120.07, 410.01, 3901.03
check-the-box regulations, 150.05, 3910.02, 3910.04, 3910.05
dissociation, 3110.02, 3110.05
equal weighting, 120.06
Kintner regulations, 120.03, 3910.03
partnership inheritance, 2910.04
Corporate Transparency Act, 4801.02, 4810, 4810.01, 4810.04, 4810.09, 4880.03, 4890.01
beneficial owners, 4810.03
beneficial-ownership reporting, 580.02, 680.01, 4240.09
confidentiality, 4810.08
information reported, 4810.05
reporting companies, 4810.02
reporting exemptions, 4810.06
secretary's exemptive authority, 4810.07
See also Beneficial-ownership reporting
Corporate-style governance, 1901.04, 1910, 1910.03, 1970.04, 1980.01
cost of the corporate model, 1910.06
default structures and their limits, 1910.01
dual fiduciaries, 1930.08, 5220.01
flexibility within a familiar frame, 1910.04
separation of ownership and management, 1910.02
tax considerations, 1910.05
Corporations, compared, 170.06, 2710.06, 3480.06, 4310, 4320, 4330, 4340, 4350, 4360, 4370, 4380, 4390, E40.02
100-shareholder limit, 4320.04
accumulated adjustments account, 4360.01, 4360.02, 4360.05
advantages of the C corporation, 420.05
built-in gains tax, 4360.04
business trusts, 4320.09
check-the-box regulations, 4310.02, E10.01
close corporations, 420.03, 3210.05, 3250.01
conversion to a corporation, 4180.07
corporation to LLC, 490.04
Delaware forum reliability, 240.07
disregarded entities inside controlled foreign corporations, 3990.05
domestic corporation, 4320.02
domestications, 3450.08
elective classification changes, 3970.05
eligible entities, 3940.01
estoppel, 640.06
F reorganizations, 4390.03
Federal income tax, 420.04
ineligible corporations, 4320.03
LLC as a "corporation.", 4910.01
LLC or partnership to corporation, 490.05
minority members, 3210.05
oppression, 3250.01
per se corporations, 3940.01, 3940.02, 3940.03, 3940.04, 3940.05, 3940.06, 3940.07
reorganizations of corporations through LLCs, 3480.08
Revenue Procedure 2022-19, 4340.08
S corporations, 430.01, 430.02, 430.03, 430.04, 430.06, 430.07, 3960.07, 4220.03, 4220.09, 4310.01, 4310.02, 4310.03, 4310.04, 4310.05, 4310.06, 4310.07, 4320.08, 4360.01, 4390.02, 4390.03, 4560.02, 5680.08, C50.01, C50.02, C50.03, C50.04, C50.05, C50.06, E10.01, E10.02, E10.03
Section 1202, 420.06, 420.07, 420.08
Section 704(c), 4360.04, 4360.05
state law and tax law, 410.04
Counterparts and electronic signatures
California, 1250.06
electronic records, 880.06, 2090.02, 2090.03, 5690.04, D01.04
good faith (contractual), C20.09
internal affairs doctrine, 1250.06
manager-managed LLCs, C20.09
severability, 880.06
Course of dealing, 701.04, 1820.03, 2030.02
course of performance, 360.08, 770.01, 770.02, 770.03, 770.04, 770.05, 770.06, 810.06, 1830.04
drafting process, 770.06
good faith and fair dealing, implied covenant of, 770.04
Course of performance, 701.04, 1820.03, 2030.02
course of dealing, 770.01, 770.02, 770.03, 770.04, 770.05, 770.06, 810.06, 1830.04
drafting process, 770.06
good faith and fair dealing, implied covenant of, 770.04
waiver by conduct, 360.08
Court of Chancery (Delaware), 540.01, 3660.01, 3660.02, 3660.03, 3660.08, 3780.03, 3780.04, 5560.01
arbitration, 3780.05
books and records, 3660.10
chancery's jurisdiction, 860.02
conditions on production, 3660.04
confidentiality, 3660.05
controlling stockholder legislation (SB 21), 540.04
Delaware, 240.07, 3780.05, 4950.06
Delaware forum reliability, 240.07, 540.02, 540.03, 540.04, 540.05, 540.06, 3780.02, 5560.06
Delaware Limited Liability Company Act, 240.06, 320.06
drafting process, 3780.01
interim relief, 2730.05, 5560.02
interim relief bans, 2730.05, 5560.02
mandatory rules, 320.06
Milford Power decision, 4950.06
Moelis decision, 540.03
Section 220 after 2025, 3660.09
subject-matter jurisdiction, 3710.01, 3710.06
Tornetta decision, 540.02
See also Delaware forum reliability
Court-supervised winding up
claims procedures on dissolution, 3390.04, 3390.05
Delaware, 3340.02, 3340.07, 3840.02
winding up, 3230.13, 3340.02, 3340.07, 3340.08, 3390.03, 3390.04, 3390.05, 5670.03, D70.01
Credible basis, 3601.04, 3660.01, 3660.03, 3690.01, 3690.04
Creditor protection, inside and outside, 5501.03, 5501.05, 5510.01, 5520.05, 5530.03, 5560.01, 5680.02
bankruptcy of the member, 5520.04
charging creditor, tax position of, 5510.08
choice of formation state, 5530.06
distribution provisions, 5530.05
distributions and the manager's discretion, 5510.07
exclusive remedy, 5510.02
five routes around the charging order, 5520.01
Florida, 5510.04, 5510.05, 5520.07
foreclosure of charged interests, 5510.03
foreign LLCs, 5510.05
fraudulent transfers, 5520.02
genuine co-owners, 5530.01
inside protection, 5590.02
orders against the member, 5520.06
outside protection, 5590.01
redemptions, 5530.04
reverse veil piercing, 5520.03
Wyoming, 5510.06
Creditors' claims on dissolution. See Claims procedures on dissolution
Creditors' remedies, 2770, 2770.04, 2770.06, 4970.02, 4970.05, 5560.01, D60.01
charging order, 550.02, 5430.06
constructive trusts, 970.01
creditor protection, inside and outside, 5510.02, 5510.06, 5520.04
creditor's alternatives, 2770.01
exclusive remedy, 5510.02, A30.01, A30.04
Florida, 160.07, 950.03, 1270.04, A30.03
Florida Revised LLC Act, 160.07, 950.03, 1270.04, A30.03
foreclosure of charged interests, 950.06, 2980.08
foreign LLCs, 1270.01, 1270.02, 1270.03, 1270.05, 1270.06
fraudulent transfers, 970.05, 2770.02, 5440.11
Olmstead decision, 950.06
reading the table, A30.02
reverse veil piercing, 970.01, 970.02, 970.03, 970.04, 970.05, 970.06, 2770.03
turnover orders, 2770.05
Uniform act charging order provision, A30.01
See also Charging orders
Criminal liability
controlling members, 2870.03
environmental liability, 2870.01, 2870.02, 2870.04, 2870.05, 2870.06
securities control-person liability, 2870.03
trust fund recovery penalty, 2840.05
Cross-border planning, 4280.01, 4690.05, 5401.04, 5490
composite returns, 4690.04
domestic LLCs owned by nonresidents, 4690.01
foreign LLCs, 4690.03
full faith and credit, 5490.05
holding LLCs, 5280.08
internal affairs doctrine, 5490.01
New York, 5490.08
non-U.S. LLC statutes, 3450.05, 5490.01, 5490.02, 5490.03, 5490.04, 5490.05, 5490.06, 5490.07, 5490.08
reporting gaps and their limits, 4690.02
withholding, 4690.04
Crypto policy (SEC and CFTC)
decentralized autonomous organizations, 5310.06, 5370.07, 5380.02
Ooki DAO decision, 5310.06
Cryptocurrency taxation, 5320.01
decentralized autonomous organizations, 3990.06, 4780.02, 5310.01, 5310.04, 5340.10, 5350.06, 5370.08, 5380.01
CTA. See Corporate Transparency Act
Current distributions, 4110, 4120.01
basis, 4110.03, 4120.02, 4120.04, 4150.07
character of distributed property, 4110.07
deemed distributions under section 752(b), 4110.05
distributee liability, 3370.08, 4110.06
distributions to transferees, 4110.08
general rule of nonrecognition, 4110.02
liquidating distributions, 3370.08, 4110.01, 4120.03, 4150.01, 4150.02, 4150.05, 4150.07
mixing-bowl rules, 4140.04
outside basis, 4110.03, 4110.04, 4120.02, 4120.04, 4140.04
redemptions, 4190.07
Section 734(b) adjustments, 4150.05
withholding, 4190.07
Custodians, 4880.03
Delaware, 3840.02
Florida, 3840.06
judicial dissolution, 3230.13, 3840.03
liquidating trustees, 3840.01, 3840.02, 3840.03, 3840.05, 3840.06, 3840.07, 3840.08, 3840.09, D70.01
post-dissolution claims, 3840.04
receivers, 3840.01, 3840.04, 3840.07, 3840.08, 3840.09
Revised Uniform Limited Liability Company Act, 3340.08, 3840.05
Customer due diligence. See Customer due diligence rule
Customer due diligence rule, 4801.02, 4880.03, 4890.01
beneficial owners, 4860.02
beneficial-ownership reporting, 680.04, 4860.02, 4860.03
FinCEN, 4860.03
D
Damages, 2480.04, 3810, 3850, 3860, 3860.01, 3860.05, 3860.06, 3860.07, 3860.08, 3890
dissociation, 3130.06
expectation for breach of the agreement, 3860.02
interim relief, 3890.05, 3890.06
liquidated damages, 5140.03
lost profits, 3860.04
minority members, 3440.09
penalty doctrine, 5140.03
prejudgment interest, 3860.09
reasonable certainty, 3860.03
rescissory damages, 2480.03, 3850.01, 3850.02, 3850.03, 3850.04, 3850.05, 3850.06, 3850.07, 3850.08
wrongful dissociation, 3130.06
DAO LLCs. See Decentralized autonomous organizations
DAOs. See Decentralized autonomous organizations
Deadlock, 1980.04, 3020.08, 3201.03, 3220, 3220.01, 3220.04, 3220.06, 3230, 3270, 3290, 3290.03, 5220.05, 5290.04, 5660.03, 5660.10
arbitration, 3270.03
bankruptcy of a member, 5660.08
buy-sell agreements, 3230.15, 5660.05
default rules on transfer, 5660.01
drag-along rights, 1680.05, 5660.04
equal ownership and equal representation, 3220.02
exit, and dissolution, 790.08
incapacity, 5660.08
independent managers, 3270.04
judicial dissolution, 360.03, 1720.06, 3090.06, 3230.06, 3230.10, 3230.15, 5660.09, A40.01
mediation, 3270.03
oppression, 3090.06
ratification, 5660.02
Seokoh decision, 3220.05
shotgun clauses, 3080.10, 3270.06
tag-along rights, 3080.10, 5660.04
tie-breaking mechanisms, 3270.01, 3270.02, 3270.04, 3270.05, 3270.06, 3270.07, 3270.08, 3270.09, 3270.10
See also Judicial dissolution; Shotgun clauses
Death of a member, 5090.03
1993 limitation, 4160.04
basis step-up at death, 4180.03
charitable planning, 4180.09
closing of the year on death, 4180.04
conversion to a corporation, 4180.07
divorce, F70.04
income in respect of a decedent, 4160.09, 4180.02
information on death, 2950.05
mergers and divisions, 4180.06
payments to retiring members, 4160.02, 4160.03, 4160.05, 4160.07, 4160.08
redemptions, 4160.08
scope of section 736, 4160.01
termination of the LLC, 4180.05
timing and allocation of installment payments, 4160.06
transferees and charging creditors, 4180.08
valuation discounts, 4180.01
Death of the sole member. See Loss of the last member
Decentralized autonomous organizations, 4780.03, 5301.04, 5320.01, 5350.01, 5350.03, 5350.04, 5360.01, 5370.01, 5380.01, C60.01, C60.04
algorithmic management, 5330.01, 5330.02, 5330.03, 5330.04, 5330.05, 5330.06, 5330.07, 5330.08, 5330.09, 5330.10, 5330.11
articles of organization, C60.06
beneficial-ownership reporting, 5350.06
binary of 2021, 5320.07
claims among members, 5370.08
conflicts between code and documents, 5350.05
crypto policy (SEC and CFTC), 5310.06
DAO LLC, 5680.07
dissolution vote, 5340.10
DUNA or DAO LLC, 5360.08
duties and information, C60.05
foreign LLCs, D20.03
Howey test, 4780.02
Marshall Islands, 5350.07
natural-person control, C60.03
Ooki DAO decision, 5310.06
partnerships, compared, 5310.03
practical consequences, 4780.05
redemptions, C60.07
Sarcuni decision, 5310.04
SEC DAO Report, 4780.01
service of process, D20.03
smart contracts, 5301.02, 5320.05, 5320.06, 5330.04, 5330.07, 5330.09, 5390.01, 5390.02, 5390.03, 5390.04, 5390.05, 5390.06, 5390.07, 5390.08, C60.07
statements of management (DAO), 5330.03, 5390.03, C60.02, D20.02
statute applied to DAOs, 5370.04
Uniform Limited Liability Company Act (1996), 5350.02
unwrapped DAOs, 5310.01, 5310.02, 5310.03, 5310.04, 5310.05, 5310.07
upgradeability, 5330.05, 5390.04, 5390.07, 5390.08, C60.06, D20.02
Utah, 5360.02, 5360.03, 5360.04, 5380.03
Wyoming, 250.05, 5320.09, 5350.07, 5370.05
Wyoming DAO Supplement, 5320.03, 5320.04, 5330.11, 5340.06, 5340.07, D20.01
Declaratory judgments
constructive trusts, 3880.01, 3880.02, 3880.03, 3880.04, 3880.05, 3880.06, 3880.07
Deeds, 1240.03, 5120.01, 5190.04
property tax reassessment, 5130.01, 5130.03, 5130.05, 5130.06, 5130.09, 5130.10
Default classification, 410.01, 930.01, 1080.03, 3901.03, 3990.09, 5480.02
check-the-box regulations, 150.03, 3910.06, 3950.05, 3950.07, 3960.01, 4280.04
eligible entities, 150.03, 3950.01, 3950.02, 3950.03, 3950.04, 3950.05, 3950.06, 3950.07
Default duties, 2101.02, 5650.01
California, 2110.05
contractual standards, 340.04, 3440.03
Delaware, 160.02, 280.05, 2110.01, 2110.02, 2430.01, 2430.08, 3450.09, 3780.05, B30.01
elimination of fiduciary duties, 340.04, 340.09
entire fairness, 3440.02
Gatz decision, 280.05
New York, 2110.06
planning for investors, 2190.05
Revised Uniform Limited Liability Company Act, 340.09, 2110.03, B30.01
switching rule, 2110.04
Texas, 2110.06
Default rule. See Default rules
Default rules, 1180.03, 1820.04, 2910.05, 2920.02, 2920.05, 3301.05
assignability as the default, 2920.01
assignment before dissolution, 2920.08
authority to file bankruptcy, 4920.02, 4920.03
becoming a member, 2920.09
consequences of the cessation rule, 2920.03
course of dealing, 770.05
course of performance, 770.05
incapacity, 2920.10
liability of assignees, 2920.06
manager-managed LLCs, 4920.03
member-managed LLCs, 4920.02
partnerships, compared, 5310.03
pledges of interests, 2920.04
repurchase by the company, 2920.07
tie-breaking mechanisms, 3270.05
unwrapped DAOs, 5310.03
Defaulting members, 3860.02, 3890.02
capital calls, 1330.03, 1330.04, 1330.05, 1330.06, 1330.07, 5160.03, C20.04
default remedies, 5620.07
dilution, 1330.04, 5160.04, 5160.05
manager-managed LLCs, C20.04, C20.08
member loans, 1330.05, 1370.04
partnership representatives, C20.08
Defective acts, 801.03
estoppel, 850.01, 850.02, 850.03, 850.04, 850.05, 850.06
legislative amendments to Delaware LLC Act, 240.05, B10.01
ratification, 640.08, 730.06, 850.01, 850.02, 850.03, 850.04, 850.05, 890.03, 1870.03, 1870.05, 1870.06, 2940.07, 2940.08, 5660.02
Revised Uniform Limited Liability Company Act, 850.06, 890.01, 1870.06
Defective acts and ratification. See Defective acts
Deficit restoration obligations, 1301.03, 4050.07, 4070.03
capital accounts, 1340.02, 1470.03, 4070.05, 5630.03
qualified income offset, 1350.01, 1350.02, 1350.03, 1350.04, 1350.05, 1350.06, 4070.05
revaluations, 1350.01, 1350.02, 1350.03, 1350.04, 1350.05, 1350.06
Defined value clauses, 5001.04
charitable planning, 5040.05, 5080.08
gift tax, 5040.08
minority members, 5040.03
valuation discounts, 5040.01, 5040.02, 5040.03, 5040.04, 5040.05, 5040.06, 5040.07, 5040.08
Wandry decision, 5040.07
Definitions sections, 5601.07, 5690.08, C70.06
defined terms and the statute's vocabulary, 760.08
Florida, 290.05, 570.04, 950.04, 1270.04, 5180.04, 5510.05, 5680.04, A30.03, A60.05, G01.03
Florida Revised LLC Act, 1270.04, 5680.04
foreign LLCs, 570.04, 5180.04, 5510.05
manager as a defined term, 1920.01
Delaware, 210.03, 270.02, 710.01, 1150.01, 1760.01, 1810.02, 1810.03, 1850.05, 1860.03, 2560.07, 3110.06, 3330.03, 3370.01, 3430.01, 3430.06, 3580.04, 3580.07, 5201.05, B10.04, B60.03
administrative dissolution, 670.05, 3320.03, 3320.04
amendment of operating agreements, 2010.02, 3470.02
arbitration, 180.03, 3580.03, 3580.07, 3770.01, 3780.05, 3790.01
business trusts, 460.01, 3450.02, 3450.03
certificate of formation, 610.04, D10.05, D10.06
claims procedures on dissolution, 2560.03, 2880.02, 2880.03, 3370.06
default duties, 280.05, 2110.01, 2110.02, 2430.01, 3780.05
Delaware charging order statute, 2720.02, A60.01, C40.02
Delaware forum reliability, 240.07, 3450.08, 3450.09, A40.04
Delaware franchise and annual tax, 520.02, 660.02, 1080.05, 3320.03, 4620.09, E50.01
Delaware Limited Liability Company Act, 160.02, 180.03, 240.07, 610.04, 650.05, 740.02, 910.02, 1740.03, 2110.01, 2720.02, 3160.02, 3540.02
distribution limits, 1430.02, 1440.01, 1650.03
domestications, 3410.02, 3450.02, 3450.03, 3450.06, 3450.08, 3450.09
duty of loyalty, 2310.02, 2430.01, B30.01
elimination of fiduciary duties, 340.02, 2220.02, 2420.03, 3580.04
entire fairness, 2140.02, 2210.02, 2430.08
expulsion, 3120.02, 3140.08, 3150.08
foreign LLCs, 3410.02, 3710.07, 3740.05, B70.03
formalities, 2540.04, 2620.02, 2630.06
freedom of contract, 160.02, 310.07, A60.01, B10.01, B20.01
incapacity, 980.02, 3160.02, 3160.08
judicial dissolution, 360.02, 3130.03, 3150.08, 3310.02, A40.04
legislative amendments to Delaware LLC Act, 1010.01, 1150.01, B10.01
liquidating trustees, 2880.03, 3340.02, 3840.02
loss of the last member, 980.02, 3120.03, 3180.02, 3330.02
personal jurisdiction, 3701.04, 3730.07, 3790.01
plans of merger, 3430.06, 3470.02, 3470.05, D10.05
registered series, 590.04, 660.02, A20.01, E50.01
Revised Uniform Limited Liability Company Act, 2630.06, B30.01
service of process, 3740.05, 3790.03, D10.06
statutory trusts, 460.01, 3930.05, 5110.07
winding up, 2560.03, 3110.06, 3210.02, 3340.02, 3340.07, B60.03
See also Court of Chancery (Delaware); Delaware Limited Liability Company Act
Delaware Act. See Delaware Limited Liability Company Act
Delaware charging order statute, 2710.03, 5560.01, D60.01
Delaware, 2720.02, A60.01, C40.02
foreclosure of charged interests, 950.06, 2980.08, B50.01
Uniform act charging order provision, B50.01
Delaware Court of Chancery. See Court of Chancery (Delaware)
Delaware forum reliability, 3780.02, 3780.03, 5560.06
controlling stockholder legislation (SB 21), 540.04
Delaware, 240.07, 3450.08, 3450.09, 3580.07, A40.04
Delaware Limited Liability Company Act, 240.07
derivative claims, 3570.05, 3580.07
domestications, 3450.08, 3450.09
Moelis decision, 540.03
Palkon v. Maffei, 540.05
reincorporation, 540.06
Texas, 540.06
Tornetta decision, 540.02
Delaware franchise and annual tax
administrative dissolution, 3320.03
California, 520.03, 520.04, 660.04, 1080.04, 4620.02
Delaware, 520.02, 660.02, 1080.05, 3320.03, 4620.09, A20.01, A60.01, B20.01, E50.01
failure to register, 520.05
good standing, 670.01, 1030.04, D80.02
incumbency certificates, D80.02
layers of cost, 520.01
registered agents, 520.06
registered series, 1030.04, B80.01
revival and reinstatement, 670.01, 670.02
state income taxes, 520.07
Delaware General Corporation Law
controlling stockholder legislation (SB 21), 2420.04
Delaware Limited Liability Company Act, 240, 240.01, 240.02, D60.01
2004 and 2013 amendments, 240.04
amendment of operating agreements, 320.08
books and records, 2070.07, 2080.06
certificate of formation, 610.01, 610.04, D10.02
confidentiality, 2070.04
Court of Chancery, 240.06
Delaware, 160.02, 180.03, 240.07, 610.04, 650.05, 740.02, 910.02, 1740.03, 2110.01, 2720.02, 3160.02, 3540.02
Delaware forum reliability, 240.07
distribution limits, 320.03
entire fairness, 320.02
freedom of contract, 160.02, 310.01
good faith (contractual), C10.05, C20.09
incapacity, 3160.02
information rights, 320.04, 360.05, 2070.01, 2070.02, 2070.03, 2070.04, 2070.05, 2070.06, 2070.07, 2080.06
mandatory rules, 210.05, 320.01, 320.03, 320.04, 320.05, 320.06, 320.07, 320.08
registered agents, 320.05, D10.02
reserved matters, 1740.03
Revised Uniform Limited Liability Company Act, 210.05, 1401.03, 1420.05
Delaware limited partnership compared, 5260.02
freedom of contract, 160.02, 310.01
limited liability limited partnerships, 450.02, 450.04, 450.06, 450.08
Delegation, 1760.03, 1760.06, 1760.07, 5640.06
conflicts committees, 1950.05
conflicts of interest, 1760.02, 1920.04, 1950.05, 2420.02
Delaware, 1760.01, 1810.03, 2420.02
management agreements, 1760.05
pledges of interests, 2050.05
proxies, 2050.01, 2050.02, 2050.03, 2050.04, 2050.05
Revised Uniform Limited Liability Company Act, 1760.04
sponsors and investors, 1760.08
Delegation clauses
arbitration, 860.05, 880.05, 3770.03, 3770.05, 3770.07, 3770.09, 3770.10, 3790.01, 3790.05, 5670.07
Depreciation and recapture, 4070.08, 4610.03
capital accounts, 4070.05
current distributions, 4120.04, 4130.05
hot assets, 4130.02, 4130.05, 4130.07, 4160.03, 4160.07, 4170.03
inside basis, 4030.01, 4030.03, 4030.07
look-through capital gain, 4170.04
partnership information returns, 4030.07
payments to retiring members, 4160.03, 4160.07
qualified income offset, 1350.02, 4070.05
Revised Uniform Limited Liability Company Act, 2880.05, 3360.04
Derivative claims, 720.06, 2130.02, 3501.02, 3501.03, 3510, 3520, 3530, 3530.01, 3540, 3540.01, 3550, 3560, 3570, 3570.08, 3580, 3590
actions and forum, 360.06
arbitration, 3580.05, 3580.07, 3770.08, 3790.05
Brinckerhoff decision, 3560.02
Brookfield decision, 3520.04
CML V decision, 3540.05, 3540.06
consequences of the characterization, 3510.03
continuous ownership requirement, 3540.08, 3560.01
Court approval of settlement and dismissal, 3570.04
creditor standing, 3540.05, 3540.06
Delaware, 180.03, 3580.04, 3580.07
derivative actions, 860.04
direct or derivative, 2480.07
domestications, 3560.04, B70.01
double derivative claims, 3560.01, 3560.02, 3560.03, 3560.04, 3560.05, 3560.06, 3560.07
functions of the distinction, 3510.02
plaintiff's fees, 3570.05
pleading standards, 3590.01, 3590.04, 3590.05
preference actions, 3510.04
Revised Uniform Limited Liability Company Act, 230.10, 720.02, 2930.09, 3540.03, 3580.02
special litigation committees, 1950.07, 3550.01, 3550.04, 3550.06, 3550.07
subject-matter jurisdiction, 3710.03, 3710.04
Tooley test, 3520.01, 3520.03, 3520.04, 3520.05, 3520.07
See also Direct claims
Digital assets, 5320.01
decentralized autonomous organizations, 3990.06, 4780.02, 5310.01, 5310.04, 5340.10, 5350.06, 5370.08, 5380.01
Dilution, 3801.05, 3890.02, F30.02
capital calls, 1330.02, 1330.04, 1330.05, 1330.07, 1330.08, 1370.06, C20.04
defaulting members, 5160.04, 5620.07
derivative claims, 2130.02, 3520.07
interim relief, 3810.03, 3810.04
member loans, 1330.05, 1370.06
Direct claims, 3530.01, 3530.07
derivative claims, 230.10, 2130.02, 3510.02, 3510.03, 3510.04, 3520.07, 3560.03, 3560.07, 3590.05
double derivative claims, 3560.03, 3560.07
pleading standards, 3590.01, 3590.03, 3590.05
Revised Uniform Limited Liability Company Act, 230.10, 3530.05
Tooley test, 3520.03, 3520.04, 3520.07
See also Derivative claims
Directed trusts
Cook Islands, 5440.12, 5570.05
decentralized autonomous organizations, 5340.10, 5390.08
operating agreement, protectors and governing law, 5440.08
Directors and officers insurance. See D&O insurance
Disability buyouts, 3020.01, 3020.03, 3090.07, 5620.05
asset protection trusts, 4980.03
chapter 11 cases, 4910.04
chapter 7 cases, 4910.04
LTL decision, 4980.06
mass tort bankruptcy, 4980.06
Purdue decision, 4980.07
reverse veil piercing, 4980.05
tax consequences, 4980.08
third-party releases, 4980.07
value received for a contribution, 4980.02
Disclosure, duty of. See Duty of disclosure
Discounts, valuation. See Valuation discounts
Discovery, 3660.02, 3701.03, 3890.01
books and records, 3680.07, 3680.08
inadvertent termination relief, 4380.04, 4380.05
Revised Uniform Limited Liability Company Act, 2080.01, 3550.09, 3670.05
Disguised payments for services, 1680.07, 4001.04
disguised sales, 4040.01, 4040.02, 4040.03, 4040.04, 4040.05, 4040.06, 4040.07, 4040.08, 4040.09
Disguised sales, 4001.04
disguised payments for services, 4040.01, 4040.02, 4040.03, 4040.04, 4040.05, 4040.06, 4040.07, 4040.08, 4040.09
Disregarded entities, 3980.01, 3980.07, 4050.07, 4201.04, 4210, 4220, 4230, 4240, 4250, 4260, 4260.07, 4260.08, 4280, 4280.06, 4290
changes in number of members, 4260.02, 4260.03
eligible entities, 3950.07, 4220.06
employment taxes, 3980.03
excise taxes, 3980.04
Federal tax liabilities and refunds, 3980.02
FIRPTA, 4240.08
foreign LLCs, 3990.03
foreign owners of domestic, 4280.02
Form 1099 reporting, E60.02
Form 5472, 3980.05, 4240.04, E60.02
inside controlled foreign corporations, 3990.05
like-kind exchanges, 4260.09
LLC as exchanger, 5170.02
payments and dual consolidated losses, 3980.06
purposes outside the regulations, 3980.08
regarded purposes, 2850.01, 3980.03, 3980.04
trust fund recovery penalty, 2850.01
withholding, 4280.05
See also Single-member LLCs
Dissenters' rights. See Appraisal rights
Dissociation, 1420.07, 1730.02, 3010.04, 3020.02, 3101.02, 3101.04, 3110, 3120, 3120.01, 3120.05, 3130, 3130.04, 3160, 3170, 3170.03, 3170.06, 3170.08, 3180, 3190, 3190.08
bankruptcy of a member, 4950.03
buy-sell agreements, 220.03, 3110.05, 3170.05
contractual obligations that survive, 3170.07
Delaware, 3110.06, B10.01, B60.03
distribution limits, 3170.05, B40.01
duty of disclosure, 2180.01
economic interest, 3170.04
effect on the LLC, 3170.09
expulsion, 3150.05, F80.02, F80.03, F80.04
fair value, 3110.03
incapacity, 3160.04, 3160.07, 3160.10
judicial dissolution, B60.01, B60.02
loss of governance rights, 3170.02
loss of the last member, 3180.06, 3180.07
minority members, 3210.03
origins of the LLC, 3110.02
partnership inheritance, 3110.01
property of the estate, 4950.03
Revised Uniform Limited Liability Company Act, 160.03, 230.07, 840.03, 2980.03, 3110.04, 3110.08, 3120.04, 3130.01, 3170.01, 3190.09, 3210.03, 3670.04, 3670.11, B40.01
Section 2704, 3110.05
silence under the older statutes, 3110.09
tax consequences, 3170.10
Uniform Limited Liability Company Act (1996), 220.02, 220.03
valuation litigation, 3110.07
Virginia, 2980.03
winding up, 2180.01, 2180.02, 2180.03, 2180.04, 2180.05, B60.01, B60.02, B60.03
wrongful dissociation, 3130.05, 3130.06
See also Expulsion; Withdrawal of members
Dissolution, 2880.01, 2890.07, 2920.08, 3310, 3310.04, 3320, 3330, 3330.01, 3340, 3350, 3350.10, 3360, 3370, 3380, 3390, 3460.04, 5560.04, 5670.01, D70, F90
administrative dissolution, 670.06, 670.08, 3320.01, 3320.02, 3320.03, 3320.06, 3320.07, 3320.08, 3320.09, 3320.10, 3320.11, 3320.12
alternative remedies to dissolution, 3240.02, 3240.09
arbitration, 3770.06, 3770.10, 3790.05, 5670.07
books and records, 3680.04
buy-sell agreements, 3110.05, 3230.15, 3680.04
certificates of cancellation, 670.02, 670.03, 670.04, 2560.07, 3301.02, 3320.05, F90.05
claims procedures on dissolution, 2560.04, 2560.05, 2560.06, 2880.04, 3360.09, 3390.04, 3390.05, 5670.04, D70.02
deadlock, 790.08, 3090.06, 3220.05, 3230.10, 3270.09, 5660.09
decentralized autonomous organizations, 5340.03, 5340.07, 5340.08, 5340.10, C60.03
Delaware, 360.02, 670.05, 2560.03, 2880.02, 2880.03, 3110.06, 3150.08, 3310.02, 3320.03, 3320.04, 3330.02, 3330.03, A40.04, B60.03
dissociation, 3110.01, 3110.02, 3110.03, 3110.04, 3110.05, 3110.06, 3110.07, 3110.08, 3110.09, 3170.09, B60.01, B60.02, B60.03
distributee liability, 2880.05, 2880.06
distributions in kind, 5250.06
events of dissolution, 3310.09
forum selection, 3750.07
good faith and fair dealing, implied covenant of, 3260.01
judicial dissolution, 230.08, 360.02, 360.03, 360.04, 3201.02, 3230.01, 3230.02, 3230.03, 3230.04, 3230.05, 3230.06, 3230.07, 3230.08, 3230.09, 3230.10, 3230.11, 3230.12, 3230.13, 3230.14, 3230.15, 3250.08, 3320.01, 3770.06, 3840.03, 5660.09, A40.01, A40.02, A40.03, A40.04, B60.01, B60.02
liquidating trustees, 2880.03, 3840.03, D70.01, D70.03
loss of the last member, 3310.06, 3310.07, 5670.02
minority members, 3280.03, 3280.04
natural-person control, C60.03
oppression, 230.08, 3090.06, 3240.02, 3240.09, 3250.03, 3250.05, 3250.08, 3280.04
post-dissolution claims, 1840.06, 2560.07, 3340.04
Revised Uniform Limited Liability Company Act, 280.08, 360.04, 670.06, 670.07, 2560.05, 2880.04, 2880.05, 3110.04, 3110.08, 3320.06, 3320.07, 3330.04, D70.02
revival and reinstatement, 670.01, 670.02, 670.04, 670.05, 670.07, 670.08, 3320.04, 3320.05
tie-breaking mechanisms, 3270.09
waivers of judicial dissolution, 3230.12, 3280.03
winding up, 2560.01, 2560.02, 2560.03, 2560.04, 2560.06, 3230.13, 3301.02, 3340.03, 3340.04, 3390.01, 3390.04, 3390.05, 5340.09, 5670.03, D70.01, F90.02, F90.03, F90.04, F90.05
Wyoming DAO Supplement, 5340.06, 5340.07
See also Judicial dissolution; Winding up
Distributable cash, 1490.01
drafting process, 5610.10
sponsors and investors, 1630.01, 1630.02
Distributee liability, 3301.06, 3370.07
claims procedures on dissolution, 3360.09, 3370.06, 3390.04, 3390.05, 5670.04
comparing the two approaches, 2880.06
current distributions, 4110.06, 4110.07, 4130.05
distributions in kind, 3370.04
hot assets, 4130.01, 4130.02, 4130.04, 4130.05
liquidating distributions, 3370.01, 3370.08, 4150.04, 4150.05
liquidating trust, 3370.09
mixing-bowl rules, 4140.02, 4140.04
older orders of priority, 3370.03
outside basis, 4101.03, 4140.04
Revised Uniform Limited Liability Company Act, 2880.05, 2950.09, 3360.04, 3370.02, 3370.05
Section 734(b) adjustments, 4150.05
winding up, 2950.09, 3390.04, 3390.05
Wyoming, 3370.02
Distribution limits, 1020.06, 1430.06, 2530.05, 3050.08, 3090.07
buy-sell agreements, 3170.05
Delaware, 1430.02, 1440.01, 1650.03
Delaware Limited Liability Company Act, 320.03, 1420.05
dissociation, 3170.05
limitations on distributions, 5630.09
mandatory redemption, 1650.06, 1650.07
mandatory rules, 320.03, 320.08
measuring the effect, 1430.04
redemptions, 1410.05, 1650.03, 1650.04, 1650.06, 1650.07
Revised Uniform Limited Liability Company Act, 1401.03, 1420.05, 1430.03, 1650.04, B40.01
Distributions, 320.03, 1020.06, 1410, 1420, 1420.01, 1420.02, 1420.04, 1430, 1440, 1450, 1460, 1470, 2730.04, 2770.04, 2950.02, 2950.03, 3170.05, 4080.06, 4640.06, 5630.10
accumulated adjustments account, 4360.01, 4360.02, 4360.03, 4360.05, 4360.06, 4360.07
catch-up provisions, 1550.03, 1550.04, 1630.03
claims procedures on dissolution, 2560.04, 5670.04
clawbacks, 1480.03, 1640.01, 1640.02, 1640.03, 1640.04, 1640.05, 1640.06
creditor protection, inside and outside, 5510.07, 5520.07, 5530.05, 5590.01
current distributions, 4110.01, 4110.02, 4110.04, 4110.05, 4110.06, 4110.07, 4110.08, 4120.01, 4130.05, 4150.02, 4150.07
Delaware, 1410.01, 1430.02, 1440.01, 1440.02, 2880.03, 3370.01, 3370.06
Delaware Limited Liability Company Act, 320.03, 1420.05, C10.05
disguised payments for services, 4040.04, 4040.07, 4040.08
disguised sales, 4040.04, 4040.07, 4040.08
dissociation, 1420.07, 3170.04
distributee liability, 3370.03, 3370.04, 3370.05, 3370.06, 3370.07, 3370.08, 3370.09, 4110.06
distribution limits, 1410.05, 1430.02, 1430.03, 1430.04, 1640.03, 3050.08, 3170.05, 5630.09, B40.01
fraudulent transfers, 1260.02, 1440.06
GmbH, 4670.06
hot assets, 4130.01, 4130.02, 4130.03, 4130.04, 4130.05, 4130.06, 4130.07
liquidating distributions, 3370.01, 3370.08, 4110.01, 4120.03, 4150.01, 4150.02, 4150.03, 4150.04, 4150.05, 4150.06, 4150.07, 4150.08
mixing-bowl rules, 4140.02, 4140.04
Nevis, 2750.10, 5470.06, 5570.02, 5680.03, C40.03
one class of stock, 4330.02, 4330.03, 4330.04, 4330.05, 4330.08
outside basis, 4110.03, 4110.04, 4140.04
preferred returns, 1550.03, 1550.04, 1630.05
redemptions, 1410.05, 1480.01, 1480.02, 1480.04, 1480.05, 1480.06, 1650.04, 4190.07
Revised Uniform Limited Liability Company Act, 1401.03, 1410.03, 1410.04, 1420.05, 1430.03, 1440.03, 1440.04, 1650.04, 3370.02, 3370.05, B40.01
S corporations, 4360.01, 5680.08, C50.04, C50.06
Section 704(c), 4140.02, 4360.04, 4360.05, 4360.07
sponsors and investors, 1630.01, 1630.02, 1630.03
tax distributions, 1450.01, 1450.02, 1450.03, 1450.04, 1450.05, 1460.06, 1640.01, 1640.02, 1640.04, 1640.05, 1640.06, 2750.01, 2750.02, 2750.03, 2750.04, 2750.05, 2750.06, 2750.07, 2750.08, 2750.09, 4330.08, 4340.04, 5630.06, C40.03
tax payments under charging orders, 570.07, 1460.02, 1460.03, 1460.06, 5440.10, 5520.07, 5680.03
waterfalls, 1480.01, 1480.02, 1480.03, 1480.04, 1480.05, 1480.06, 1630.01, 1630.02, 1630.04, 1630.06, 4070.10, 5630.04, 5630.08
withholding, 1450.05, 4190.07, 4640.06, 4670.06, 4690.04
wrongful distributions, 1440.01, 1440.02, 1440.03, 1440.04, 1440.05, 1440.06, 1440.07
Diversity jurisdiction, 3701.03
pleading standards, 3720.01, 3720.02, 3720.03, 3720.07, 3720.08
recognition in federal law, 170.03
Divisions, 3470.04, 3490.03, 4980.01
asset protection trusts, 4980.03
denial of the individual member's discharge, 4980.04
fraudulent transfers, 3470.05
legitimate uses, 3470.11
LTL decision, 4980.06
mass tort bankruptcy, 4980.06
plan and the certificate, 3470.03
Purdue decision, 4980.07
reverse veil piercing, 4980.05
tax consequences, 4980.08
third-party releases, 4980.07
value received for a contribution, 4980.02
Divorce, 3001.02, 3020.01, 3090.07, F01.01, F70.05
buy-sell agreements, 3010.01, 3090.05, 4330.09, 5660.05
member dies, F70.04
member files for bankruptcy, F70.03
Revised Uniform Limited Liability Company Act, 2930.06, 2980.05, 3190.09
separate property and accounts, 2590.04
service of process, F70.02
spousal consents, 3020.04, 3160.03, 5090.05, 5690.05, C70.03, D50.03
transfers by operation of law, 2980.01, 2980.04, 2980.05
Uniform Commercial Code Article 8, D50.03
Domestications, 3410, 3450, 3450.04
Belize, 5430.10
conversion and the operating agreement, 3450.10
conversion, and transfer, 830.05
conversion defined, 3450.01
Delaware, 3410.02, 3450.02, 3450.03, 3450.06, 3450.08, 3450.09
derivative claims, 3560.04
double derivative claims, 3560.04
foreign continuance statutes, 3450.07
foreign LLCs, B70.01
non-U.S. LLC statutes, 2780.04, 3450.05
Texas, 3450.08
transfer, conversion and series, 5450.06
Double derivative claims, 3501.03
Brinckerhoff decision, 3560.02
continuous ownership requirement, 3560.01
derivative claims, 3560.01, 3560.02, 3560.03, 3560.04, 3560.05, 3560.06, 3560.07
domestications, 3560.04
Drafting process, 2301.02, 5610.01, 5610.04, 5610.05, 5610.06, 5610.07, 5610.09, 5610.11, 5610.13
course of dealing, 770.06
course of performance, 770.06
distributable cash, 5610.10
incorporating § 145 by reference, 2330.05
parties and persons bound, 5610.03
question for the drafter, 3780.01
registered office, 5610.08
sponsors and investors, 5610.12
timing of the agreement, 5610.02
Drag-along rights, 3090.10
appraisal waivers, 3080.06
buy-sell agreements, 3830.07
good faith and fair dealing, implied covenant of, 3080.08
minority members, 3080.09
shotgun clauses, 3080.01, 3080.02, 3080.03, 3080.04, 3080.05, 3080.06, 3080.07, 3080.08, 3080.10
tag-along rights, 3080.01, 3080.02, 3080.03, 3080.04, 3080.05, 3080.07, 3080.09, 3080.10, 3830.07, 5660.04
See also Tag-along rights
Drop and swap, 5170.04
DSTs. See Statutory trusts
Dual fiduciaries, 5230.01, 5230.04, 5230.07, 5290.04
board of designated managers, 5220.01
board of managers, 5640.05
conflicts of interest, 5230.05
contested elections and votes, 1930.08
dual fiduciary problem, 5230.02
entity managers, 1930.06
information flow among affiliates, 1980.06
minority members, 1930.08
modifying the duties, 5230.03
multiple indemnitors, 2360.03
safe harbors, 5230.06
Duration of charging orders
Cook Islands, 5440.12, 5570.05
Duty of care, 2160, 2160.01, 2160.03, 2160.05, 2160.06
business judgment rule, 2160.04
default duties, 2110.02, 2190.05
evolution of the uniform standard, 2160.02
Revised Uniform Limited Liability Company Act, 2101.03, 2170.05, 2310.04
Duty of disclosure, 2460.03, 3490.03
dissociation, 2180.01, 2180.02
good faith and fair dealing, implied covenant of, 2250.04, 3650.04
information rights, 2080.03
Revised Uniform Limited Liability Company Act, 2080.03, 2110.03
Duty of loyalty, 3860.06, 5650.01
default duties, 2110.02, 2110.03, 2190.05, 2430.01
Delaware, 2110.02, 2140.02, 2310.02, 2430.01, B30.01
entire fairness, 2140.01, 2140.02, 2140.03, 2140.06
good faith (contractual), 2170.02, 2170.05
mandatory rules, 330.03, B20.02
manifestly unreasonable standard, 230.05
ratification, 2140.05
Revised Uniform Limited Liability Company Act, 230.05, 330.03, 340.09, 2101.03, 2110.03, 2140.04, 2170.05, 2210.06, 2270.01, 2310.04, 2420.05, 2420.07, B30.01
Dynasty trusts
rule against perpetuities, 3070.07
E
ECI. See Effectively connected income
Effective date of formation, D30.03
beneficial-ownership reporting, 680.07, 4860.06
centralized partnership audit regime, 4410.04
check-the-box regulations, 680.07, 4310.02
effective date, 3960.04
inadvertent termination relief, 4380.02
ratification, 730.06
S corporations, 4310.02, 4310.05, 4310.06
TEFRA, 4410.04
Effectively connected income, 4670.01, 4670.04
attribution rule of section 875, 4670.02
determining foreign status, 4670.07
FATCA, 4680.04, 4680.05, 4680.07, 4680.08
foreign members, 4580.07, 5170.08
GmbH, 4670.06
limited liability partnerships, 440.07
partnerships, compared, 440.07
reducing the installments, 4670.05
Section 1446 withholding, 4670.03
two-tier structures, 4670.08
withholding, 4190.01, 4190.02, 4190.03, 4190.04, 4670.03, 4670.06
Electing small business trusts, 4390.08
business trusts, 4320.09
Election out of the audit regime, 4420.02, E01.03
conformity to federal classification, 4490.03, 4490.06
consequences for LLC planning, 4420.06
counting to 100, 4420.04
effect of electing out, 4420.08
every partnership required to file, 4420.01
making the election, 4420.07
out of the centralized audit regime, E20.02
partnership representatives, 4490.03, 5630.07
Elective classification changes, 3490.03, 3901.03, 3960.03, 3970.01, 3970.03, 3990.09, 4201.04, 4290.06, 4390.04, F50.04
changes in the number of members, 3480.07, 3970.06
check-the-box regulations, 150.04, 3970.02, 4260.04, 4280.04
formless conversions, 3970.05
from one member to two, 3970.07
from two members to one, 3970.08
membership change and election together, 4260.05
sixty-month limitation, 3970.09
tiered entities and section 338, 3970.04
Electronic records, 2001.03, 5320.01
blockchain, 5320.05
consequences for consents, 2090.03
counterparts and electronic signatures, 880.06, 5690.04, D01.04
decentralized autonomous organizations, 4780.01, 4780.03, 5310.01, 5310.02, 5360.01, 5370.06, C60.05
distributed records, 2090.01
document form, signature and delivery, 2090.02
drafting the information provisions, 2090.05
drafting the voting provisions, 2090.04
severability, 880.06
smart contracts, 5320.05
Eligible entities, 4220.06, 5480.01
check-the-box regulations, 150.02, 150.03, 680.07, 3950.05, 3950.07, 3960.06, 4260.04, 4280.04
default classification, 150.03, 3950.01, 3950.02, 3950.03, 3950.04, 3950.05, 3950.06, 3950.07, 4280.04, 5480.02
per se corporations, 3940.01
Elimination of fiduciary duties, 340.01, 340.03, 340.08, 5601.04
bad faith, 340.07
contractual standards, 340.04, 340.05
Delaware, 160.02, 340.02, 2220.02, 2420.03, 3580.04, A60.01, B30.01
Delaware Limited Liability Company Act, 240.03, 240.04
freedom of contract, 160.02
good faith and fair dealing, implied covenant of, 320.02, 2250.01
good faith (contractual), 340.06
Revised Uniform Limited Liability Company Act, 330.06, 340.09, B30.01
safe harbors, 340.05
Employer identification numbers, 690.05, 990.05, 1080.03, 3990.09, 4230.08, 4290.06
beneficial-ownership reporting, 680.04, 680.06, 4860.01, 4860.07
check-the-box regulations, 150.07, 3960.01
employment taxes, 930.02, 3980.03, 4230.02, 4230.04
regarded purposes, 930.02, 3980.03, 4230.02, 4230.04
taxpayer identification numbers, 4240.01
Employment taxes, 2530.06, 4230.03, 4390.07
check-the-box regulations, 150.07, 3910.07
guaranteed payments, 4510.06, 4560.01
reasonable compensation, 4370.01, 4370.05
regarded purposes, 430.05, 930.02, 2850.01, 2850.02, 2850.03, 2850.04, 2850.05, 2850.06, 3980.03, 4230.02, 4230.04
S corporations, 430.04, 430.05
Section 199A, 4560.01, 4580.02, 4590.04
self-employment tax, 1770.05, 4510.01, 4510.02, 4510.03, 4510.04, 4510.05, 4510.06, 4510.07, 4510.08, 4580.02
trust fund recovery penalty, 2850.01, 2850.02, 2850.03, 2850.04, 2850.05, 2850.06
Enclaves. See Trusted execution environments
Enterprise liability, 2601.03
consolidations, 2650.05, 2680.03
horizontal claims through the common owner, 2650.04
single business enterprise, 2650.03
structures at issue, 2650.01
substantive consolidation, 2650.05, 2680.03, 2680.04
vertical piercing, 2650.02
Entire fairness, 2430.02, 5601.04, 5650.07
contractual standards, 2230.05, 2430.05
default duties, 3440.02
Delaware, 240.07, 2140.02, 2210.02, 2430.08, 3450.09, B30.01
Delaware forum reliability, 240.07, 540.05, 3780.02
duty of loyalty, 2140.01, 2140.03, 2140.06
fair dealing, 2430.03
fair price, 2430.04
good faith and fair dealing, implied covenant of, 320.02, 350.01, 350.02, 350.03, 350.04, 350.05, 350.06, 350.07, 350.08
good faith (contractual), 320.02, 350.01, 350.02, 350.03, 350.04, 350.05, 350.07
pleading standards, 350.06
ratification, 2140.05
Revised Uniform Limited Liability Company Act, 330.06, 350.08, 2140.04, B30.01
self-dealing, 2140.01, 2140.02, 2140.03, 2140.04, 2140.05, 2140.06
Entity classification, 3901.02, 3910, 3920, 3940, 3950, 3960, 3970, 3990, 3990.09, 4260.07, 4610.02, 4610.03, 5480.03
1960 regulations, 120.04
1980 proposed regulations, 120.08
automatic changes, 4260.01
Belize, 5480.04
beneficial-ownership reporting, 680.07
centralized partnership audit regime, 4610.05
changes in number of members, 4260.02, 4260.03
check-the-box regulations, 150.03, 150.04, 680.07, 3970.02, 4260.04, 4280.04, D40.03, E10.01
choosing a classification, 3990.08
conflicts of interest, D40.01, D40.02
Cook Islands, 5570.07
corporate resemblance test, 120.05, 120.06, 120.07
decentralized autonomous organizations, 5380.03
default classification, 150.03, 930.01, 3950.01, 3950.02, 3950.03, 3950.04, 3950.05, 3950.06, 3950.07, 4280.04, 5480.02
Delaware, 660.03
elective classification changes, 150.04, 3970.01, 3970.02, 3970.03, 3970.04, 3970.05, 3970.06, 3970.07, 3970.08, 3970.09, 4260.04, 4260.05
eligible entities, 3950.01, 3950.02, 3950.03, 3950.04, 3950.05, 3950.06, 3950.07, 5480.01
Florida, 4610.05
general rule of conformity, 4610.01
hot assets, 4160.07
identification numbers on a change, 4260.06
Kintner regulations, 120.03, 3910.03
like-kind exchanges, 4260.09
Nevis, 5570.07
non-U.S. LLC statutes, 470.05, 470.06, 3990.02
partnership representatives, D40.01, D40.02
payments to retiring members, 4160.07
S corporations, 4310.01, D40.03, E10.01, E10.02, E10.03
state classification, 3990.07
tax classification, 580.03
tax classification and state-law consequences, 930.07
Utah, 5380.03
See also Check-the-box regulations
Entity transaction approvals, 830.04
appraisal rights, 3430.03, 3430.06, 3430.09
domestications, 830.05, B70.01
Revised Uniform Limited Liability Company Act, 230.04, 330.02, 1610.03, 2020.05
Environmental due diligence, 5190.04
Environmental liability, 2801.03, 2870.01, 2870.06, 3350.04, 4050.02, 5101.03, 5140.02, 5140.08, 5180.02, 5180.03, 5190.04
application to LLCs, 2870.04
benefit LLCs, 1150.03, 1150.07
controlling members, 2870.03
criminal liability, 2870.05
environmental planning, 2870.02
excise taxes, 930.03, 3980.04, 4230.06
regarded purposes, 930.03, 3980.04, 4230.06
securities control-person liability, 2870.03
Equitable subordination
capital calls, 1330.06
member loans, 1380.01, 1380.04, 1380.05
recharacterization of debt, 1380.04
Equity compensation, 170.06, 1580, 1590, 1590.05, 4340.05
governance rights of incentive units, 1590.02
one class of stock, 4330.07
phantom equity and appreciation rights, 1580.03
profits interests, 4330.07
ESBTs. See Electing small business trusts
Estoppel, 640.01, 640.06, 801.03
defective acts, 850.01, 850.02, 850.03, 850.04, 850.05, 850.06
ratification, 850.01, 850.02, 850.03, 850.04, 850.05, 1870.06
Revised Uniform Limited Liability Company Act, 850.06, 1870.06
Events of dissolution
Delaware, 980.02, 3120.03, 3180.02, 3310.02
dissolution of a series, 3310.09
judicial dissolution, 3320.01, B60.01
Excise taxes, 4201.02, 4201.04, 4230.08, 4290.06
employer identification numbers, 680.06, 4240.01
Exclusive remedy, 4970.05, 5560.01, 5680.01
antitrust, 5240.05
creditor protection, inside and outside, 5510.02
creditors' remedies, 950.06, A30.01, A30.04
Delaware charging order statute, B50.01
exclusivity defined, 2720.06
foreclosure of charged interests, 950.06, 2780.04, 2980.08
intellectual property, 5240.05
Revised Uniform Limited Liability Company Act, 230.09, 2720.03
Uniform act charging order provision, 2720.03, A30.01, B50.01
Exclusivity of charging orders. See Exclusive remedy
Exculpation, 1960.06, 2290.02, 2310, 2310.03, 2310.05, 2310.06, 2320, 2320.01, 2390, 2480.05, 5650.01, 5650.02, 5650.07
bad faith, 340.07, 2260.01, 2260.02, 2260.03, 2260.04, 2310.04, 2320.03
business opportunities and competition, 5650.06
conflict procedures where duties remain, 5650.05
contract claims and fiduciary claims, 2320.02
contractual standards, 5650.04
derivative claims, 3570.08
duties, conflicts, and indemnification, 790.06
duty of care, 2160.06
elimination and its limits, 5650.03
elimination of fiduciary duties, 340.07
equitable relief and burdens, 2320.06
Gatz decision, 2320.03
good faith and fair dealing, implied covenant of, 2320.07
New York, 2260.05
public policy, 2380.03, 5650.10
Revised Uniform Limited Liability Company Act, 2260.05, 2310.04, 2380.03
See also Indemnification
Executory contracts, 4960.01, 4960.02, 4970.02
bankruptcy of a member, 2760.03, 2980.06, 4950.07
Daugherty decision, 4960.04
economic rights survive, 4960.05
Ehmann decision, 4960.03, 4960.06
executory-contract question, 960.03
incapacity, 3160.05, 3160.06, 3160.07
Exit rights. See Withdrawal of members
Expert testimony, 1920.05, 2290.02, 2440.02, 3040.08, 5070.08
conflicts committees, 2240.01, 2240.02, 2240.05, 2240.06
contractual standards, 340.05, 2240.01, 2240.05, 2240.06, 2440.04, 3440.03
good faith (contractual), 2280.01, 2320.04
Expulsion, 3101.04, 3120, 3130, 3140, 3140.02, 3140.06, 3150, 3150.02, 3150.05, 3190, 3190.03, 3190.04
alternative remedies to dissolution, 3240.04
Cook Islands, 5440.12
deadlock, 5660.07
Delaware, 3120.02, 3140.08, 3150.08
dissociation, 3120.05, 3130.05, B60.01, F80.02, F80.03, F80.04
good faith and fair dealing, implied covenant of, 3140.05
good faith (contractual), 3140.04
IE test factors, 3150.07
judicial dissolution, 3150.06, 3150.08, B60.01
no inherent power to expel, 3140.01
oppression, 3240.04
Revised Uniform Limited Liability Company Act, 2930.03, 2930.08, 3120.04, 3140.07, 3190.09
statutory grounds, 3150.01
varying the remedy, 3150.03
without cause, 3140.03
wrongful conduct and breach, 3150.04
F
Fair value, 5680.02
buy-sell agreements, 220.03, 3170.05
dissociation, 3110.03, 3110.04, 3170.04, B60.01
distribution limits, 1430.02, 3170.05, B40.01
judicial dissolution, 3250.08, A40.01, B60.01
non-uniform states, 3120.06
Revised Uniform Limited Liability Company Act, 3110.04, 3190.09, B40.01
Uniform Limited Liability Company Act (1996), 220.03
valuation discounts, 3040.05
Fairness opinions, 2440.09
conflicts committees, 2240.01, 2240.02, 2240.03
Family limited partnerships. See Family LLCs
Family LLCs, 5010.05, 5070.09, 5080.01, 5090.08
Section 2701 in design, 5050.03
taxpayer victories, 5060.09
transfer taxes, 5020.03
See also Section 2036; Valuation discounts
Family offices, 690.05, 2290.02, 5280.07
Investment Company Act, 4760.06, 4760.07
Regulation D, 4740.04, 4750.06, 4790.07
sponsors and investors, 2470.07
FATCA
beneficial-ownership reporting, 4860.08
branch profits tax, 4680.07
Common Reporting Standard, 4860.08
FDAP withholding, 4680.01, 4680.02, 4680.03, 4680.04, 4680.05, 4680.06, 4680.07, 4680.08
FIRPTA, 4680.03, 4680.04, 4680.05, 4680.06, 4680.08
foreign LLCs, 4680.02
withholding, 4680.01
FDAP withholding
branch profits tax, 4680.07
cross-border planning, 4690.01, 4690.05
FATCA, 4680.01, 4680.02, 4680.03, 4680.04, 4680.05, 4680.06, 4680.07, 4680.08
FIRPTA, 4680.03, 4680.04, 4680.05, 4680.06, 4680.08
foreign LLCs, 4680.02
withholding, 4680.01
Fee shifting, 3660.08, 3870.04
American rule, 3870.01
bad conduct underlying the claim, 3870.07
contractual fee-shifting, 3870.02
corporate benefit and control disputes, 3870.08
fee-shifting provisions, 3570.07
LLC and corporate rules contrasted, 3870.03
minority members, 3870.09
summary proceedings, 3870.05
Fiduciary duties, 840.06, 1770.02, 2110, 2120, 2140, 2160, 2170, 2180, 2190, 2210, 2220, 2250, 2950.07, 3440.01, 3860.01, 5070.06, 5340.05, 5650.01
arbitration, 3260.06
California RULLCA, A40.01
Colorado, 1440.05
conflicts of interest, 5230.05
contract claims and fiduciary claims, 2320.02
contractual standards, 340.04, 340.05, 3440.03, 3440.05, 3440.06
corporate developments, 3440.08
corporate opportunity, 2150.01
default duties, 2110.01, 3440.02
Delaware, 160.02, 280.05, 340.02, 2110.01, 2220.02, A40.04
dissociation, 2180.01, 3170.06
dual fiduciaries, 5230.01, 5230.02, 5230.03, 5230.04, 5230.05, 5230.06, 5230.07
duty of care, 2160.03
duty of disclosure, 2180.01
elimination of fiduciary duties, 340.01, 340.02, 340.03, 340.04, 340.06, 340.07, 340.08, 340.09
entire fairness, 350.04, 3440.02
ERISA, 2860.06
fiduciary damages, 3860.05
freedom of contract, 160.02
Gatz decision, 280.05
good faith and fair dealing, implied covenant of, 350.04, 2250.04, 3080.08, 3260.01, 3260.02, 3260.03, 3260.04, 3260.05, 3260.06, 3260.07, 3440.04
good faith (contractual), 340.06, 2170.06
judicial dissolution, 3230.09, A40.01, A40.02, A40.03, A40.04
member loans, 1370.03
minority members, 3440.09
New York, 2110.06
rescissory damages, 3850.07
Revised Uniform Limited Liability Company Act, 340.09
safe harbors, 340.05, 3440.04, 3440.07, 5230.06
shotgun clauses, 3080.08
Texas, 2110.06
See also Duty of care; Duty of loyalty; Elimination of fiduciary duties; Exculpation; Good faith and fair dealing, implied covenant of
Fiduciary review of entity transactions
Delaware, 240.07, 2420.03, 3450.09
Delaware forum reliability, 240.07, 540.02, 540.05, 3780.02, 5560.06
Filing fees, 620.04
FinCEN, 4840.04, 4840.08, 4880.03, 4890.04, 5480.03
2026 final rule, 4840.03
beneficial-ownership reporting, 580.02, 680.01, 680.02, 680.03, 4840.02, 4860.01, 4860.03, 4860.04, 4860.05, 4860.06
Corporate Transparency Act, 680.01, 4810.05, 4810.08, 4810.09
customer due diligence rule, 4860.03
Form 1099 reporting, E60.03
Form 5472, E60.03
FinCEN reporting. See Beneficial-ownership reporting
FIRPTA, 4240.08
branch profits tax, 4680.07
FATCA, 4680.02, 4680.03, 4680.04, 4680.05, 4680.06, 4680.07, 4680.08
FDAP withholding, 4680.01, 4680.03, 4680.04, 4680.05, 4680.06, 4680.08
foreign LLCs, 4680.02
Florida, 1110.05, 1220.06, 2780.02, 3320.08, 3410.05, 3530.06, 3760.07, 3840.06, 4610.05, 4620.10, 4640.06, 5120.07, 5130.05, 5180.06, G01.03
appraisal rights, 3430.05, 3430.08
California LLC tax and fee, 1220.06
California RULLCA, 1220.04
creditor protection, inside and outside, 5510.04, 5510.05, 5520.07
creditors' remedies, 1270.04, 5180.06, A30.03
Florida charging order statute, 950.03, 2720.05, 5680.04, C40.04
Florida Revised LLC Act, 130.04, 160.07, 290.05, 290.08, 950.03, 950.07, 1270.04, 3360.06, 3430.05, 3430.08, 3670.07, 3760.02, 4970.06, 5680.04, A30.03, A60.05, B50.03, C40.04, G01.03
foreclosure of charged interests, 250.07, 570.04, 950.04, 950.07, 2720.05, 2740.05, 2740.06, 3760.02, 3760.07, 5180.04, A60.05, B50.03
foreign LLCs, 160.07, 570.04, 950.04, 2740.06, 4970.06, 5180.04, 5510.05
Nevis LLC Ordinance, 570.07
non-U.S. LLC statutes, 2780.02, 2790.06
Olmstead decision, 5510.04
reference statutes, 290.05, 290.08
Revised Uniform Limited Liability Company Act, 1220.04, 2740.05, 3360.06, 3670.07
S corporations, 4610.05
tax payments under charging orders, 570.07, 2790.06, 5520.07
Texas Business Organizations Code, 3410.05
Texas franchise tax, 4620.10
See also Florida Revised LLC Act
Florida charging order statute, 570.02
creditors' remedies, 950.06, 970.01, 2770.02, A30.03
exclusive remedy, 2720.06, A30.01
Florida, 160.07, 290.05, 570.04, 950.03, 950.04, 950.07, 1270.04, 2720.05, 2740.06, 2780.02, 3760.02, 4970.06, 5180.04, 5510.05, 5680.04, A30.03, B50.03, C40.04, G01.03
Florida Revised LLC Act, 160.07, 950.03, 1270.04, 3760.02, 4970.06, 5680.04, B50.03, C40.04
foreclosure of charged interests, 950.04, 950.06, 2720.05, 2740.05, 2980.08, 3180.07
foreign LLCs, 570.04, 2740.06, 5180.04, 5510.05
Florida Revised LLC Act
appraisal rights, 3430.08
California RULLCA, 1220.04, 1250.05, A40.01
claims procedures on dissolution, 3360.09, 3390.04
creditors' remedies, 1270.04, A30.03
Delaware, 290.08, 3150.08, A20.01
Florida, 130.04, 160.07, 290.05, 570.04, 950.03, 950.04, 950.07, 1270.04, 2720.05, 2740.06, 2780.02, 3320.08, 3360.06, 3410.05, 3430.05, 3430.08, 3670.07, 3760.02, 3840.06, 4970.06, 5180.04, 5510.05, 5680.04, A30.03, A60.05, B50.03, C40.04, G01.03
Florida charging order statute, 950.03
foreclosure of charged interests, 950.04, 2720.05, 2980.08, 3180.07, 3760.02
foreign LLCs, 160.07, 570.04, 1210.01, 1210.04, 2740.06, 5180.04, 5510.05
loss of the last member, 3180.07
reference statutes, 290.05, 290.08
Revised Uniform Limited Liability Company Act, 1220.04, 3360.06, 3550.09, 3670.07, A10.01
special litigation committees, 3550.09
transfers by operation of law, 2980.08
Wyoming, 950.07
FLPs. See Family LLCs
Foreclosure. See Foreclosure of charged interests
Foreclosure of charged interests, 570.01, 570.02, 2740, 2740.01, 5560.01, 5680.01
creditor protection, inside and outside, 5510.02, 5510.03, 5520.05, 5520.07, 5530.06
creditors' remedies, 950.06, A30.02, A30.03
Delaware, 290.08, 2720.02, 2740.07
Delaware charging order statute, B50.01
exclusive remedy, 5510.02, A30.01
Florida, 160.07, 250.07, 290.05, 570.04, 950.03, 950.04, 950.07, 1270.04, 2720.05, 2740.05, 2740.06, 2780.02, 2790.06, 3760.02, 3760.07, 4970.06, 5180.04, 5510.05, 5680.04, A30.03, A60.05, B50.03, C40.04
Florida Revised LLC Act, 160.07, 950.03, 1270.04, 2980.08, 3760.02, 4970.06, 5680.04, B50.03, C40.04
foreclosure and the single-member company, B50.02
foreign LLCs, 570.04, 950.04, 2740.06, 5180.04, 5510.05
loss of the last member, 3180.07
meaning of "a reasonable time.", 2740.03
mezzanine financing, 1660.02, 1660.03, 5150.03, 5150.04, 5150.07
Nevis, 2780.04
non-U.S. LLC statutes, 2780.02, 2780.04
Olmstead decision, 950.06
pledges of interests, 1670.06, 2970.01, 2970.06, 2970.08
preferred interests, 1660.02, 1660.03
purchaser's position, 2740.04
reference statutes, 290.05, 290.08
Revised Uniform Limited Liability Company Act, 230.09, 950.05, 2720.03, 2740.02, 2740.05
tax payments under charging orders, 570.07, 5520.07
transfers by operation of law, 2980.08
transfers on death, 3180.07
Uniform act charging order provision, 2720.03, A30.01, B50.01
Foreign eligible entities, 4280.01
check-the-box regulations, 150.03, 4280.04
default classification, 150.03, 3950.03, 3950.07, 4280.04, 5480.02
Foreign LLCs, 1201.03, 1210, 1210.01, 1210.03, 1220, 1230, 1240, 1240.04, 1250, 1260, 1270, 3740.01, 3740.04, 3740.07, 3990.03
Arizona, 1240.06
California RULLCA, 1220.04, 1250.05
consent in the agreement, 3740.02
creditor protection, inside and outside, 5510.05
creditors' remedies, 1270.01, 1270.02, 1270.03, 1270.05, 1270.06, A30.03
cross-border planning, 4690.03, 5490.01
decentralized autonomous organizations, 5370.06, D20.03
Delaware, 3410.02, 3710.07, 3740.05, B70.03
domestications, B70.01
FDAP withholding, 4680.02, 4680.08
Florida, 160.07, 290.05, 570.04, 950.04, 950.07, 1270.04, 2740.06, 3760.02, 4970.06, 5180.04, 5510.05, 5680.04, A30.03, B50.03, C40.04
Florida Revised LLC Act, 160.07, 1270.04, 3760.02, 4970.06, 5680.04, B50.03, C40.04
foreclosure of charged interests, 570.04, 950.04, 2740.06, 2980.08, 3180.07, 5180.04
internal affairs doctrine, 290.03, 1250.02, 1250.05
long-arm statute, 3740.03
Mallory decision, 3740.06
non-U.S. LLC statutes, 470.05, 1210.02, 4840.07, 5490.01
reference statutes, 290.03, 290.05
registration and jurisdiction distinguished, 1210.05
Revised Uniform Limited Liability Company Act, 1220.04, 1230.02, 1230.04
service of process, 1230.06, D20.03
service outside the state and abroad, 3740.08
subject-matter jurisdiction, 3710.07
transfers by operation of law, 1240.06, 2980.08
unanimous consent, B70.02
uniform pattern, 1210.04
Foreign members, 4580.07, 4670, 4680, 4690, 5170.08
beneficial-ownership reporting, E60.04
business trusts, 4320.09
cross-border planning, 4690.05
dispositions by foreign owners, 4280.03
effectively connected income, 4670.01, 4670.02, 4670.03, 4670.04, 4670.05, 4670.07, 4670.08
FATCA, 4680.08
FDAP withholding, 4680.01, 4680.08
Form 1099 reporting, E60.02, E60.03, E60.04
Form 5472, 930.04, E60.02, E60.03
GmbH, 4670.06
limited liability partnerships, 440.07
nonresident aliens, 4320.06
owners of domestic disregarded entities, 4280.02
partnerships, compared, 440.07
Section 1446 withholding, E60.01
transfers to partnerships with foreign partners, 4020.05
two-tier structures, 4670.08
Foreign qualification, 3490.03
administrative dissolution, 3320.01, 3320.02, 3320.03, 3320.06, 3320.07, 3320.08, 3320.09, 3320.10, 3320.11, 3320.12
antitrust, 5240.04
capital calls, 1330.06
certificates of cancellation, 3320.05
equitable subordination, 1330.06
expulsion, 3140.06
Florida, 3320.08
intellectual property, 5240.04
judicial dissolution, 3320.01
Nevada, 3320.10
Revised Uniform Limited Liability Company Act, 3320.06, 3320.07
revival and reinstatement, 3320.04, 3320.05
Section 83(b) elections, 1540.05
Texas, 3320.11
Wyoming, 3320.09
Form 1099 reporting, 4280.06, 4610.02, E01.02, E01.03, E01.05
beneficial-ownership reporting, E60.04
employment and information returns, E40.04
FinCEN, E60.03
Form 5472, 930.04, 4240.04, 4240.05, E60.02, E60.03, E60.04
Section 1446 withholding, E60.01
Form 2553. See S corporations
Form 5472, 990.05, 4201.02, 4201.04, 4240.05, 4290.06, 4890.04, E01.05
beneficial-ownership reporting, 4860.01, 4860.07, E60.04
cross-border planning, 4690.01, 4690.02, 4690.05, 5280.08
FinCEN, E60.03
foreign-owned disregarded entities, 4240.04
foreign-owned single-member LLCs, 930.04, 3980.05
Form 1099 reporting, E60.02, E60.03, E60.04
non-U.S. LLC statutes, 470.08, 4840.07
Section 1446 withholding, E60.01
withholding, E60.01
Form 8832. See Check-the-box regulations
cross-border planning, 4690.04, 4690.05
FDAP withholding, 4680.01, 4680.08
withholding, 4190.04, 4190.05, 4190.07, 4280.05, 4680.01, 4690.04
Formalities, 2510.05, 2540.01, 2540.06, 2620.05, 2640.04, 2690.05, 5070.04
California, 2540.03
Delaware, 2540.04, 2620.02, 2630.06
Revised Uniform Limited Liability Company Act, 2540.02, 2630.06
separateness covenants, 5540.08
Formation. See Formation of LLCs
Formation of LLCs, 510.02, 510.03, 601.02, 610, 640, 640.04, 640.06, 660, 670, 680, 690, 4030.04, 5070.01, 5080.01, 5320.04, 5420.02, 5430.03, 5440.05, F20, F20.04
admission after formation, 740.03
beneficial-ownership reporting, 680.01, 680.02, 680.03, 680.04, 680.05, 680.06, 680.07, 680.08
benefit LLCs, 1150.03
California, 1280.05
certificate of formation, 610.01, 610.02, 610.03, 610.04, 610.05, 610.06, 610.07, 780.01, 780.02, 780.03, 780.04, 780.05, 780.07, C70.05
choice of jurisdiction, 290.02, 1280.05, 2660.02
contracts, personal liability on, 2830.04
creditor protection, inside and outside, 5530.06
creditors' remedies, 1270.02
Delaware, 610.04, 740.02, B20.01
Delaware Limited Liability Company Act, 610.01, 740.02
Florida, 3760.02
Florida Revised LLC Act, 3760.02
foreign LLCs, 1270.02
formation and purpose, 790.02
formation by filing, 730.01
formation documents, 5210.02
Hart-Scott-Rodino Act, 5210.04
mandatory rules, B20.01, B20.02
minority members, 3280.04
oppression, 3280.04
pre-formation agreements among the members, 640.03
promoter liability, 640.02, 730.05, 2830.04
reference statutes, 290.02, 290.04
registered series, 1030.02
Revised Uniform Limited Liability Company Act, 610.05, 730.03, 780.06
side letters, 780.01, 780.02, 780.03, 780.04, 780.05, 780.06, 780.07
state's law governs, 2550.01
Utah, 5360.03
Forum selection, 3750, 3750.05, 3750.06, 3750.09, 3801.06
arbitration, 880.05, 3750.02, 3770.01, 3770.07, 3780.05
books and records, 3680.03, 3680.08, 3770.07
Delaware, 180.03, 290.08, 3680.03, 3770.01, 3780.05
dissolution and foreign forum clauses, 3750.07
Elf Atochem decision, 180.03, 720.03, 3750.01
judicial dissolution, 360.04, 3230.14
legislative response, 3750.03
scope of the protection, 3750.04
severability, 880.05
Texas, 1250.07, 3750.08, 3750.10
See also Arbitration
Franchise taxes, 4610.02, A50.01
California, 250.06, 520.03, 520.04, 660.04, 1080.04, 1220.06, 4620.02, 4630.05, A60.07, E50.03
Delaware franchise and annual tax, 520.03, 520.04
nexus, 4630.02, 4630.05, 4630.06
Texas, 560.05, 3320.11, 4620.03, A60.04, E50.04
Wyoming, 4620.10
Fraudulent transfers, 1260.02, 5440.03, 5560.05
creditor protection, inside and outside, 5520.02
creditors' remedies, 970.01, 970.05, 1270.06, 2770.02
fraudulent conveyance, 5430.07
fraudulent-transfer rule for LLCs, 5440.11
Nevis, 5570.03
non-U.S. LLC statutes, 5410.03
Freedom of contract, 310, 310.02, 310.03, 310.05, 3530.07
Delaware, 160.02, 310.07, 3701.04, A60.01, B10.01, B20.01
Delaware Limited Liability Company Act, 160.02, 240.01, 320.07
LLC agreement as contract, 310.04
mandatory rules, 210.05, 320.07, B20.01
Revised Uniform Limited Liability Company Act, 210.05, 2270.02
scope of the agreement, 310.06
statutory statement, 310.01
Freezing orders. See Injunctions
Functional test
K Alain decision, 4530.06, 4530.08
limited partner exclusion, 4540.01, 4540.02
G
Garnishment and attachment, 2710.06, 2720.01, 4470.03
creditors' remedies, 2770.04, 2770.06
Florida, 2720.05, 5180.04, 5510.04
foreclosure of charged interests, 2720.05, 2740.05, 2780.04
Nevis LLC Ordinance, 5420.07, 5570.02
Revised Uniform Limited Liability Company Act, 2740.05, 2910.01
tax liens, 4250.03
General partnerships
limited liability partnerships, 440.01, 440.02, 440.03, 440.04, 440.05, 440.06, 440.07, 440.08
partnerships, compared, 110.02, 440.01, 440.02, 440.03, 440.04, 440.05, 440.06, 440.07, 440.08, 5310.03
unwrapped DAOs, 5310.03
Georgia
centralized partnership audit regime, 4610.05
composite returns, 4640.06
S corporations, 4610.05
Uniform Protected Series Act, 250.08
withholding, 4640.06
Gift tax, 3001.03, 3060.01, 4201.02, F50.04
defined value clauses, 5040.05, 5040.06, 5040.08
generation-skipping transfer tax, 5020.01, E30.03
Pierre decision, 4210.06, 4270.02, 4270.03
GmbH, 4240.06
effectively connected income, 4670.06
non-U.S. LLC statutes, 470.02, 470.05, 1280.03
withholding, 4670.06
Good faith. See Good faith and fair dealing, implied covenant of
Good faith and fair dealing, implied covenant of, 301.03, 840.01, 2250.03, 2250.04, 2250.06, 2460.03, 5601.04, 5650.01, 5650.07
arbitration, 3260.06
breach of the operating agreement, 3260.02
choosing among remedies, 3260.07
claims short of dissolution, 3260.01
confidentiality, 3650.04
conflicts committees, 2240.02, 2240.06
contractual standards, 2240.06, 5650.04
course of dealing, 770.04
course of performance, 770.04
covenant as the price of flexibility, 2250.07
Delaware, 160.02, 180.03, 2210.02, 4930.09, B20.01, B30.01
derivative claims, 3560.03, 3570.08
discretion and the implied covenant, 1420.03
dissociation, 840.03, 2180.03, 3130.05
doctrine of interpretation, 2250.01
entire fairness, 320.02, 350.01, 350.02, 350.03, 350.04, 350.05, 350.06, 350.07, 350.08
exculpation and the implied covenant, 2320.07
fiduciary duties, 2950.07, 3260.03, 5340.05
good faith (contractual), 320.02, 350.01, 350.02, 350.03, 350.04, 350.05, 350.07, 2170.05, 3140.04
identifying the gap, 2250.02
implied covenant, 840.05, 3260.04
indemnification and the implied covenant, 2360.05
information as a predicate, 3260.05
mandatory rules, 320.08, 330.06, B20.01
pleading standards, 350.06, 2250.05
Revised Uniform Limited Liability Company Act, 330.06, 340.09, 350.08, 840.03, 2170.05, 2210.06, B30.01
safe harbors, 2240.02, 3440.04, 5650.04
shotgun clauses, 3080.08
tag-along rights, 3080.08
Good faith (contractual), 2170, 2170.01, 2170.06, 2290.02, 5420.04, 5601.04, 5650.01, 5650.07
bad faith, 2170.03, 2170.04, 2230.02, 2260.01
books and records, C20.09
Brinckerhoff decision, 2230.06, 2280.01
capital calls, 1330.08
conflicts committees, 2240.02, 2240.03
contractual definitions of good faith, 2320.04
contractual standards, 340.05, 2230.01, 2230.02, 2230.06, 2240.03, 2440.04, 3440.03, 5650.04
duty of loyalty, 2170.02
elimination of fiduciary duties, 340.06
entire fairness, 320.02, 350.01, 350.02, 350.03, 350.04, 350.05, 350.06, 350.07, 350.08
expulsion, 3140.04
good faith and fair dealing, implied covenant of, 320.02, 350.01, 350.02, 350.03, 350.04, 350.05, 350.07, 1420.03, 2320.07
manager-managed LLCs, C20.09
member-managed LLCs, 2170.07
pleading standards, 350.06
Revised Uniform Limited Liability Company Act, 330.02, 330.06, 350.08, 1740.06, 2170.05, 2210.06, B30.01
Good leaver and bad leaver, 1360.06, 3020.01
buy-sell agreements, 4330.09, 5660.05
termination of employment, 3020.06
Good standing, 601.04, 690.05, 1890.01, 1890.06, 3020.01, A01.01
administrative dissolution, 670.01, 670.06, 670.08, 3320.03
beneficial-ownership reporting, D80.01, D80.02, D80.03, D80.04
certificates of cancellation, 670.02, 670.03, 670.04, 3380.01
Delaware, 590.04, 670.05, 3320.03, 4620.09, E50.01
Delaware franchise and annual tax, 520.06, 1030.04
incumbency certificates, 1890.02, D80.01, D80.02, D80.03, D80.04
registered agents, 520.06, 670.03
registered series, 1010.04, 1030.01, 1030.04, 1030.07, 1040.05, 1090.04, B80.01
Revised Uniform Limited Liability Company Act, 670.06, 670.07, 3190.09, 5120.02, B80.01
revival and reinstatement, 670.01, 670.02, 670.04, 670.05, 670.07, 670.08
Governance tokens
decentralized autonomous organizations, 5310.01, 5310.04, 5330.11, 5340.03, 5350.06, 5380.01, C60.01, C60.07
Grantor retained annuity trusts, 5080.06
Grantor trusts, 4050.07, 4270.06, 4290.06, 4320.07, 4390.08
basis, 5080.05
changes in number of members, 930.06, 990.03
charitable planning, 4180.09, 5080.08
S corporations, 430.02, 4420.05, C50.06
sales to grantor trusts, 5080.04
Section 754 elections, 5080.05
GRATs. See Grantor retained annuity trusts
GST tax. See Generation-skipping transfer tax
Guaranteed payments, 1570.05, 4501.02
disguised payments for services, 4040.03, 4040.04
disguised sales, 4040.03, 4040.04
employment taxes, 1770.05, 4510.05, 4510.06, 4510.07
limited partner exclusion, 4520.01, 4540.07
net investment income tax, 4501.03, 4570.08, 4590.04
payments to retiring members, 3090.02, 4160.02, 4160.03, 4160.08
Section 199A, 4550.03, 4560.01, 4580.04, 4590.04
self-employment tax, 1770.05, 4510.05, 4510.06, 4510.07, 4560.01, 4580.04
sponsors and investors, 4540.07
tax outline, 1680.06
Guarantees. See Guaranties
alter ego, 4940.06
capital commitments, 2830.06
consolidations, 4940.06
deadlock, 3270.07
equitable subordination, 1380.05
forms of guaranty, 2830.02
Haley decision, 3230.05
judicial dissolution, 3230.05
member loans, 1380.01, 1380.02, 1380.03, 1380.04, 1380.05, 1380.06
recharacterization of debt, 1380.02, 1380.04
shotgun clauses, 3080.04
tag-along rights, 3080.04
tie-breaking mechanisms, 3270.07
H
Hart-Scott-Rodino Act, 5290.04, E70.01
2026 thresholds, 5210.05
premerger notification on formation, 5210.04
Health insurance for members, 4390.08
Holding companies, 1980.01, 5280
company and property subsidiaries, 5110.02
cross-border planning, 5280.08
deadlock, 1980.04
dual fiduciaries, 1980.06
dual roles in holding structures, 2410.07
eligible entities, 4220.06
family offices, 5280.07
intercompany agreements, 5280.02
joint ventures, 1980.03
purposes of a holdco LLC, 5280.01
separateness covenants, 5280.02
series alternative, 5280.03
sponsors and investors, 1980.02
structures and subsidiaries, 1980.05, 2470.04
summary proceedings, 3820.05
tax treatment of the group, 5280.04
2014 proposed regulations, 4130.06
current distributions, 4110.02, 4110.07, 4120.04, 4130.05, 4150.02, 4150.07
depreciation and recapture, 4130.02
holding period, 4120.07, 4170.05
liquidating distributions, 3370.08, 4150.02, 4150.07
outside basis, 4120.04, 4140.04
payments to retiring members, 3090.02, 4130.04, 4160.03, 4160.07, 4160.08
problem section 751(b) addresses, 4130.01
redemptions, 3090.02, 4160.08, 4190.07
sales of interests (tax), 2990.01
Section 199A, 4580.02, 4590.04
Section 751(a), 4170.03
substantial appreciation, 4130.03
Howey test, 4701.02, 4710.03, 4720.01
common enterprise, 4720.03
decentralized autonomous organizations, 4780.01, 4780.02, 4780.03, 4780.04, 5380.01
efforts of others, 4720.05
expectation of profits, 4720.04
investment of money, 4720.02
member-managed LLCs, 4730.03, 4730.09
state definitions, 4710.06
substance over form, 4720.06
time of the determination, 4720.07
Williamson factors, 1770.04, 4730.01, 4730.02, 4730.03, 4730.04, 4730.05, 4730.06, 4730.07, 4730.08, 4730.09
HSR Act. See Hart-Scott-Rodino Act
Hurdles. See Hurdle rates
I
IDGTs. See Sales to grantor trusts
Illinois
articles of organization, 1050.04
Nevis taxation, 5420.12
separate legal entity, 1050.05
state taxation, 4620.05
Implied covenant. See Good faith and fair dealing, implied covenant of
Imputed underpayments, 4450.02, 4450.03, 4470.05
administrative adjustment requests, 4440.04, 4440.06
asset acquisitions and conversions, 4480.07
conformity to federal classification, 4490.03, 4490.06
consistent treatment, 4440.04, 4440.06
manager-managed LLCs, C20.08
members' cooperation, 4450.06
modification procedures, 4450.04
modifications of imputed underpayments, 4450.05
partnership representatives, 4490.03, C20.08
push-out elections, 4460.01, 4460.06, 4460.07, 4490.06, E20.04
reviewed year, 4401.03, 4450.01
timing interaction, 4450.07
Inadvertent termination relief, 4380.01, 4380.04, 4380.06, 4380.07
effective date of formation, 4380.02
LLC after termination, 4380.03
Incapacity, 920.03, 980.06, 990.05, 2920.10, 3160.04
bankruptcy events, 3160.05
bankruptcy of a member, 5660.08
deadlock, 5660.08
death, and bankruptcy, 3190.05
death of an individual member, 3160.01
Delaware, 980.02, 3160.02, 3160.08
Delaware Limited Liability Company Act, 3160.02
executory contracts, 3160.06, 3160.07
loss of the last member, 980.01, 980.02
management succession, 5090.01
Milford Power decision, 3160.08
Revised Uniform Limited Liability Company Act, 980.04
spousal consents, 3160.03
techniques for continuity, 980.05
transfers on death, 980.03
trusts, estates and entity members, 3160.10
Incumbency certificates, 1850.06, 1890.01, 1890.06, D01.01, D30.06
beneficial-ownership reporting, D80.01, D80.02, D80.03, D80.04
good standing, D80.01, D80.02, D80.03, D80.04
officer's certificate, 1890.02
Indemnification, 790.06, 1960.07, 2330, 2330.02, 2340, 2340.01, 2340.02, 2340.03, 2340.06, 2340.08, 2340.09, 2350, 2350.02, 2360, 2370, 2380, 2390, 5650.01, 5650.02, 5650.08
business opportunities and competition, 5650.06
conflict procedures where duties remain, 5650.05
conflicts of interest, 2480.09
contractual standards, 5650.04
determination and procedure, 2340.07
drafting process, 2330.05
elimination and its limits, 5650.03
enforcement problem, 2360.01
fee shifting, 3870.09
good faith and fair dealing, implied covenant of, 2360.05
good faith (contractual), C20.09
insurance and reliance, 5650.09
manager-managed LLCs, C20.09
minority members, 3870.09
public policy, 2380.02, 2380.03, 2380.04, 2380.05, 5650.10
reading § 408, 2330.04
Revised Uniform Limited Liability Company Act, 2330.03, 2380.03, B30.01
See also Advancement
Indemnification and advancement. See Indemnification
Indemnification litigation, 2520.02
Independent managers, 170.02, 4990.05, 4990.07, 5190.04
blocking provisions, 1170.06, 4930.01, 4930.02, 4930.03, 4930.05, 4930.06, 4930.07, 4930.08, 4930.09, 4930.10
conflicts committees, 1950.01, 1950.02, 1950.03, 1950.04, 1950.05, 1950.06, 1950.07, 1950.08, 2240.06
conflicts of interest, 1950.05
deadlock, 3270.04
Delaware, 4930.09
Delaware Limited Liability Company Act, C10.05
good faith (contractual), C10.05
Intervention Energy decision, 4930.05
Lake Michigan Beach decision, 4930.04
loss of the last member, 3180.05, 3310.06
manager compensation, 1950.08
mezzanine financing, 5150.02
Michigan, 4930.04
protective provisions, 4930.08
public policy, 1170.06
special litigation committees, 1950.07
special-purpose entities, 960.05, 1170.03, 1170.04, 1170.05, 1190.05, 1950.02, 3180.05, 4930.01, 4990.02, C10.03
tie-breaking mechanisms, 3270.04
Information rights, 360.05, 2001.03, 2070, 2080, 2950.04, 5340.04, 5640.09
books and records, 2070.07, 2080.06
capital accounts, 3830.10
confidentiality, 2070.04
Delaware Limited Liability Company Act, 320.04, 2070.01, 2070.02, 2070.03, 2070.04, 2070.05, 2070.06, 2070.07
duty of disclosure, 2080.03
manager-managed LLCs, 1740.05, 2080.04
mandatory rules, 210.05, 320.04, 320.08, 840.02
member-managed LLCs, 2080.02
Revised Uniform Limited Liability Company Act, 210.05, 2080.01, 2080.02, 2080.03, 2080.04, 2080.05, 2080.06, B30.01
specific performance, 3830.10
See also Books and records
arbitration, 860.05
interim relief, 3810.01, 3810.02, 3810.03, 3810.04, 3810.05, 3810.06, 3810.07, 3810.08, 3810.09, 3810.10, 3890.05
interim relief bans, 3810.01, 3810.10
service of process, 1230.06
specific performance, 860.05
summary proceedings, 3810.08
Texas, 4830.03
Inside basis, 4001.04, 4390.07
basis, 2990.03, 3090.03, 4030.01, 4030.02, 4030.03, 4030.04, 4030.05, 4030.06, 4030.07, 4030.08, 4101.03, 5080.02, 5080.03
capital accounts, 4030.06
outside basis, 4030.02, 4030.04, 4101.03
partnership information returns, 4030.07
Insolvency, 3020.05
alter ego, 4940.01, 4940.02, 4940.03, 4940.04, 4940.05, 4940.06, 4940.07
Colorado, 1440.05
consolidations, 4940.01, 4940.02, 4940.04, 4940.05, 4940.06
insurance of the LLC, 2370.05
reverse veil piercing, 4940.07
separateness covenants, 4940.03
tax consequences, 4980.08
wrongful distributions, 1440.05
Inspection rights. See Books and records
Instrumentality test, 2620.01
Insurance of the LLC, 2390.04, 2580.03, 2580.04, 2590.07, 2890.06, 3350.08, 5180.03, 5190.04
claims procedures on dissolution, 3350.11, 3390.05
insurance and the LLC's insolvency, 2370.05
per se corporations, 3940.01, 3940.02
title insurance, 5120.04
transfer-for-value and employer-owned insurance, 3050.07
Intellectual property, 620.02, 690.02, 1090.01, 1360.07, 5290.04, 5550.01
antitrust, 5240.01, 5240.02, 5240.03, 5240.04, 5240.05, 5240.06, 5240.07
exclusive remedy, 5240.05
forfeiture-for-competition provisions, 5240.04
Meso Scale decision, 3460.09
non-competition covenants, 5240.01, 5240.02, 5240.03, 5240.06, 5240.07
Interest exchanges, 3401.02, 3401.03
appraisal rights, 3430.04, 3430.08
certificates of cancellation, 3420.05
consolidations, 3420.01, 3420.02, 3420.03, 3420.04, 3420.05, 3420.06, 3420.07, 3420.08, 3420.09
Florida, 3410.05, 3430.05, 3430.08
registered series, 3420.09
Revised Uniform Limited Liability Company Act, 230.04, 330.02, 1610.03, 1740.02, 1860.02, 2020.05, 3120.04, 3410.03, 3410.04, 3420.06, 3430.04, B10.02
Interim distributions, 1420.01, 1490.01
distribution limits, 1410.05, B40.01
Revised Uniform Limited Liability Company Act, 1410.03, B40.01
Interim relief, 2701.04, 2730.05, 3801.05, 3810.01, 3810.09, 3810.10, 3890.01, 3890.06, 4830.06, 5560.01, 5560.02
arbitration, 3770.10, 3780.05, 3790.05, 3790.08
custodians, 3840.09
Delaware, 240.07, 3580.07, 3780.05
drafting the stipulation, 3810.06
irreparable harm in LLC disputes, 3810.04
minority members, 3280.02, 3440.09
preliminary injunction standard, 3810.02
receivers, 3840.09
remedies matched to claims, 3890.05
status quo orders, 3810.07
stipulated irreparable harm, 3810.05
summary proceedings, 3810.08
temporary restraining orders, 3810.03
Interim relief bans, 2701.04, 3801.05, 3810.01, 3890.06, 5560.01
arbitration, 3770.10, 3780.05, 3790.05, 3790.08
Delaware, 240.07, 3580.07, 3780.05
interim relief, 5560.02
mandatory interim relief, 3810.10
Nevis LLC Ordinance, 5420.07, 5570.02
relief in the Court of Chancery, 2730.05
Internal affairs doctrine, 510.02, 1070.01, 1250.01, 1250.03, 3760.01, 3760.06, 3780.04
California RULLCA, 1250.05
codification for LLCs, 1250.02
counterparts and electronic signatures, 1250.06
cross-border planning, 5490.01
Delaware, 3580.03, 3580.07, 3760.04, B20.01
Florida, 160.07, 950.07, 3760.02
Florida Revised LLC Act, 160.07, 3760.02
member and manager liability, 1250.04
non-U.S. LLC statutes, 5490.01
reference statutes, 290.03
Texas, 1250.07
Internal shields of series, 1001.02, 1070.01, 1290.04, 2570.01
Delaware, 590.04, 1010.01, A20.01, B10.01
non-U.S. LLC statutes, 1280.01, 1280.02
registered series, 1010.04, 1040.02, 1050.02, B80.01
Uniform Protected Series Act, 260.03, 1060.03, 1060.04, 1060.05, 1060.07, A20.01
Interpretation of operating agreements, 760.01, 760.05
contra proferentem, 760.06
course of dealing, 770.01, 770.02, 770.03, 770.05, 770.06
course of performance, 770.01, 770.02, 770.03, 770.04, 770.05, 770.06
decentralized autonomous organizations, 4780.02
definitions sections, 760.08
good faith and fair dealing, implied covenant of, 770.04, 2250.01
Howey test, 4780.02
objective theory, 760.02
plain meaning, 760.03
reading the agreement as a whole, 760.04
Revised Uniform Limited Liability Company Act, 760.09
specific and general provisions, 760.07
Investment Advisers Act
beneficial-ownership reporting, 4860.06
investment adviser, 5270.02
Investment Company Act, 4760.06
Investment Company Act, 4760.01, 5080.01, 5270.01
40 percent test, 4760.02
company exception, 4020.04
decentralized autonomous organizations, 4780.01, 4780.04
default classification, 4280.04, 5480.02
exchange act registration under section 12(g), 4760.07
Investment Advisers Act, 4760.06
knowledgeable employees, 4760.05
Regulation D, 4740.04, 4790.07
Section 3(c)(1), 4760.03
Section 3(c)(7), 4760.04
Involuntary petitions, 4910.07, 4970.05, 5190.04
authority to file bankruptcy, 4920.03, 4990.01
Ipso facto clauses, 3070.09
bankruptcy of a member, 2760.03, 2980.06, 4950.01, 4950.05
executory contracts, 3160.06, 3160.07, 4960.01, 4960.05, 4960.06
incapacity, 3160.05, 3160.06, 3160.07
Ipso facto provisions. See Ipso facto clauses
IRR hurdles. See Hurdle rates
J
Joinder agreements, 1590.06, 3620.01, 5690.08, C70.02, D30.05, F40.03, F50.03
spousal consents, D50.02, D50.03
transfer restrictions, 2940.01, 4790.03
Uniform Commercial Code Article 8, D50.02
Joint ventures, 1160.05, 1980.01, 1980.03, 2470.03, 5160.07, 5190.02, 5210, 5210.07, 5290, 5290.02, 5290.03, 5290.04
capital calls, 5160.03
contractual and entity ventures, 5210.01
contributions and valuation, 5210.03
deadlock, 1980.04
defaulting members, 5160.03, 5160.04
Delaware, 5160.05
dual fiduciaries, 1980.06
formation documents, 5210.02
Hart-Scott-Rodino Act, 5210.04, 5210.05
holding structures and subsidiaries, 1980.05
judicial dissolution, 3230.04
notification form, 5210.06
protective provisions, 5160.02
reading the agreement as a whole, 5290.01
reserved matters, 5160.02
sponsors and investors, 1980.02, 5160.01, 5160.06, 5160.08
with for-profit members, 1160.04
See also Reserved matters
Judicial dissolution, 3201.03, 3230.01, 3230.02, 3230.06, A40.02
administrative dissolution, 3320.01
alternative remedies to dissolution, 3240.01, 3240.02, 3240.03
analogy to section 273, 3230.04
California RULLCA, A40.01
deadlock, 1720.06, 3090.06, 3230.10, 3270.01, 5220.05, 5660.09
Delaware, 360.02, 3130.03, 3150.08, 3310.02, A40.04
dissociation, 3120.05, B60.01, B60.02
expulsion, 3150.01, 3150.03, 3150.06, 3150.08
Haley decision, 3230.05
liquidating trustees, 3840.03
mandatory rules, 320.06, 330.02, 330.06, B20.02
oppression, 230.08, 3090.06, 3240.01, 3240.02, 3240.03, 3250.05, 3250.06, 3250.08, 3280.04
Revised Uniform Limited Liability Company Act, 160.03, 210.02, 230.04, 230.08, 280.08, 330.02, 330.06, 360.04, 2930.05, 2930.08, 2930.09, 3320.01
waivers of judicial dissolution, 3230.12, 3280.03
K
KYC. See Anti-money laundering
L
L3Cs. See Low-profit LLCs
Last member. See Loss of the last member
Late classification elections, 3901.03, 3990.09
check-the-box regulations, 150.04, 680.07, E10.01
relief for late elections, 3960.08
S corporations, 4310.04, 4310.05, 4380.05, E10.01, E10.02, E10.03
Leaseholds, 5101.03
separate legal entity, 3920.03, 3920.06
statutory trusts, 3930.05, 5110.07
tenancy in common, 3920.03, 5110.05
winding up, 1020.07
Legends, C01.06
pledges of interests, 1670.04, 2970.03, D50.04
Regulation D, 4740.10, 4790.07
Legislative amendments to Delaware LLC Act
Delaware, 160.02, 460.01, 1010.01, 1150.01, B10.01
Delaware Limited Liability Company Act, 240.04, 240.05
registered series, 240.05
Liability shield, 370.03, 940.01, 1120.01, 2510, 2510.04, 2510.05, 2510.08, 2520, 2530, 2530.05, 2530.06, 2540, 2550, 2560, 2570, 2590, 5370.01, 5420.06, 5430.04, 5540.02
agency doctrines, 2530.02
agreement to be liable, 2510.02
assumed in the operating agreement, 2530.07
California, 2540.03
conditions of the shield, 1020.01
contractual undertakings that defeat the shield, 1120.04
cross-border planning, 5490.07
decentralized autonomous organizations, 5370.04, 5370.06, 5370.07, 5370.08
Delaware, 2510.01, 2540.04, A20.01
foreign registration and the shield, 2550.04
formalities, 2540.01, 2540.02, 2540.03, 2540.04, 2540.05, 2540.06, 2690.05
GreenHunter decision, 940.04
Howey test, 4730.07
limited liability partnerships, 440.05
limits of the shield, 5370.02
New York, 2810.07
non-U.S. LLC statutes, 2550.05, 5410.04, 5490.07
partnerships, compared, 440.05
premises liability, 5180.01
redemptions, 1480.06
registered series, 1030.03
Revised Uniform Limited Liability Company Act, 2510.03, 2540.02
separate legal entity, 5450.04
shield and the entity, 2510.07
statutory shield, 2610.01, 5540.01
Texas, 940.07
text of the shield, 2810.01
Uniform Protected Series Act, 1060.04, A20.01
waterfalls, 1480.06
Williamson factors, 4730.07
winding up, 2560.01
Wyoming, 940.05, 2540.05, 5370.03, 5370.05
See also Personal liability; Veil piercing
Liens of charging orders, D60.01
Life insurance funding, 3001.03, 3020.02, 3030.09, 3040.07
buy-sell agreements, 3050.09, 5660.05
Connelly decision, 3050.03, 3050.06
life insurance, 3050.02
Limited liability limited partnerships, 401.04, 450.04
contractual freedom, 450.06
control rule, 450.02
Federal income tax, 450.07
general partner as an entity, 450.05
sponsors and investors, 450.08
traditional limited partnership, 450.01
Uniform Limited Partnership Act, 450.03
Limited liability partnerships, 401.04, 1120.07, 4001.02, 4060.06
choice of entity, 480.02, 480.08
effectively connected income, 440.07
limited partner exclusion, 4520.02, 4520.04
non-U.S. LLC statutes, 470.03, 470.05
partnerships, compared, 440.01, 440.02, 440.03, 440.04, 440.05, 440.06, 440.07, 440.08
Revenue Ruling 88-76, 140.07
Revised Uniform Limited Liability Company Act, 720.02, 3430.04
UK limited liability partnerships, 470.03
Limited partner exclusion, 4501.02, 4520, 4520.01, 4520.06, 4530.02
1994 and 1997 proposed regulations, 4520.04
burden of proof (fraudulent transfer), 4520.07
employment taxes, 430.05, 1770.05, 4510.02, 4510.04
guaranteed payments, 4510.06, 4540.07, 4560.01, 4580.04
IRS's early definition, 4520.03
manager-managed LLCs, 4540.03
member-managed LLCs, 4540.02
moratorium and its aftermath, 4520.05
net investment income tax, 4570.06, 4570.08
origin in 1977, 4520.02
Section 199A, 4560.01, 4580.04
self-employment tax, 1770.05, 4510.02, 4510.04, 4510.06, 4540.01, 4540.02, 4540.04, 4540.05, 4540.06, 4570.06
Limited partnerships, 110.03, 4060.06, 5001.03, 5260.02
arbitration, 3770.07
books and records, 3770.07
conflicts committees, 2240.02
contractual standards, 340.05, 3440.06
limited liability limited partnerships, 450.01, 450.02, 450.03, 450.04, 450.05, 450.06, 450.07, 450.08
limited partner exclusion, 4540.06
Revised Uniform Limited Liability Company Act, 280.03
self-employment tax, 4540.06
Soroban decision, 4530.04
sponsors and investors, 450.08
Uniform Limited Partnership Act, 450.03
Liquidated damages
penalty doctrine, 5140.03
Liquidating distributions, 4120.03, 4150.03, 4150.04
allocation under section 755, 4150.06
basis, 4150.07
current distributions, 4110.01, 4150.02, 4150.07
Delaware, 3370.01
distributee liability, 3370.01, 3370.05, 3370.08, 4150.05
gain on liquidation, 4150.01
liquidation of the entire LLC, 4150.08
Section 734(b) adjustments, 4150.05
Liquidating trustees, 1920.05, 3801.05, D70.03
claims procedures on dissolution, 2560.06, 2880.03, D70.02
custodians, 3840.01, 3840.02, 3840.03, 3840.05, 3840.06, 3840.07, 3840.08, 3840.09
Delaware, 360.02, 2560.03, 2880.03, 3340.02, 3701.04, 3840.02
Florida, 3840.06
judicial dissolution, 360.02, 3230.12, 3230.13, 3320.01, 3770.06, 3840.03
personal jurisdiction, 3730.02, 3730.10
post-dissolution claims, 3840.04
receivers, 3840.01, 3840.04, 3840.07, 3840.08, 3840.09
Revised Uniform Limited Liability Company Act, 3120.04, 3340.08, 3840.05, D70.02
winding up, 1020.07, 2180.05, 2560.03, 2560.06, 3230.13, 3340.02, 3340.06, 3340.07, 3340.08, 3390.03, 5670.03, D70.01
Liquidation. See Winding up
Liquidation preferences, 1601.04
distribution limits, 1430.03, B40.01
preference actions, 1620.01, 1620.02, 1620.03, 1620.04, 1620.05, 1620.06, 1620.07
preferred returns, 1620.01, 1620.02, 1620.03, 1620.04, 1620.05, 1620.06, 1620.07, 1690.02
Revised Uniform Limited Liability Company Act, 1430.03, B40.01
Liquidity planning, 1580.02, 3020.02, 3190.02
buy-sell agreements, 220.03, 3010.01
mandatory redemption, 1650.01, 1650.02, 1650.05
redemptions, 1650.01, 1650.02, 1650.05, 1690.03
term sheets, 1690.03
LLC agreement as contract, 760.01
Loss of the last member, 3180, 3180.01, 4970.04
continuation after the last member, 5670.02
Delaware, 980.02, 3120.03, 3180.02, 3330.02
estate-planning provisions, 3180.06
foreclosure of charged interests, 3180.07
incapacity, 980.01, 980.02, 980.05, 980.06
independent managers, 3180.05, C10.05
no members, 3310.06
Revised Uniform Limited Liability Company Act, 2950.09, 3180.03, 3190.09
special-purpose entities, 3180.05
transfers on death, 2960.06, 3180.07, 3310.07
voluntary transfer by a sole member, 3180.04
Low-profit LLCs, 160.01, 1101.02, 1101.04, 1130, 1130.04, 1140, 1140.04
equity investments and attribution, 1140.05
jeopardizing-investment tax, 1140.01
L3C statutes track the regulation, 1140.03
North Carolina, 1130.03
origins and purpose, 1130.01
regulatory definition, 1140.02
special-purpose entities, 160.05, 1190.01, 1190.03
statutory definition, 1130.02
tranched structure, 1130.05
Loyalty, duty of. See Duty of loyalty
M
Magistrates in Chancery, 5560.01
Major decisions. See Protective provisions
Malpractice liability, 1110.02, 1120.01, 5540.02
creditors' remedies, 970.06, 2770.06
limited liability partnerships, 140.07, 440.04
participation doctrine, 2820.05
Manager compensation
carried interest, 1560.04, 5260.03
conflicts committees, 1950.08
independent managers, 1950.08
management fees and expense allocation, 2470.06
Manager-managed LLCs, 1710, 1740, 1770, C20.01, C20.02, C20.03
authority to file bankruptcy, 4920.03
books and records, C20.09
capital calls, C20.04
duties and their limits, C20.06
exits and disputes, C20.07
good faith (contractual), C20.09
imputed underpayments, C20.08
information rights, 1740.05, 2080.04
limited partner exclusion, 4540.03
manager-managed defaults, 5640.04
manager-managed structure, 5010.02
partnership representatives, C20.08
Revised Uniform Limited Liability Company Act, 230.05, 1710.03, 1740.02, 1740.06, 1810.05, 1920.08, 2010.04, 2080.04, 3130.02, 3670.03, B30.01, B30.03
sponsors and investors, 4540.03
tax provisions, C20.05
Managers, 720.04, 1020.05, 1710, 1730.02, 1730.03, 1730.08, 1750.03, 1920.02, 1920.06, 1950.08, 2120.02, 2190.04, 2520.06, 2730.06, 2770.06, 3190.08, 4940.06, 5150.02, 5640.01, C30.03
authority to file bankruptcy, 4920.03, 4920.07
blocking provisions, 1170.06, 4930.01, 4930.02, 4930.03, 4930.05, 4930.06, 4930.07, 4930.08, 4930.09, 4930.10
books and records, 2070.07, 2080.06, 3610.04, 3610.05, D60.02
confidentiality, 2070.04, 3650.05
conflicts committees, 1950.01, 1950.03, 1950.04, 1950.05, 1950.06, 1950.07, 1950.08, 2240.02
conflicts of interest, 1760.02, 1920.04, 1950.05, 2420.02, 2480.09, 5230.05, D40.01
contested elections and votes, 860.03, 1730.07, 1920.07, 1930.08, 2060.01, 2060.02, 2060.03, 3820.02
controlling members, 1750.01, 1750.02, 1750.03, 1750.04, 2120.06, 2410.08, 2430.06
creditor protection, inside and outside, 5510.07, 5530.03
default duties, 2110.04, 2190.05, 3440.02
definitions sections, 1920.01
Delaware, 650.05, 1710.02, 1710.07, 1760.01, 1810.03, 2420.02, 2430.08, 3450.09, 3701.04, 3730.07, 4930.09, B30.01
Delaware Limited Liability Company Act, 240.03, 2070.03, C10.05
dual fiduciaries, 1930.06, 1930.08, 5220.01, 5230.01, 5230.02, 5230.03, 5230.04, 5230.05, 5230.06, 5230.07, 5640.05
Florida, 2790.06
foreign LLCs, 3740.01, 3740.08
independent managers, 1170.03, 1170.04, 1950.01, 1950.02, 1950.03, 1950.04, 1950.06, 3270.04, 4930.01, 4930.02, 4930.03, 4930.04, 4930.06, 4930.07, 4930.08, 4930.10, 4990.05, 5150.02, C10.03, C10.05
information rights, 1740.05, 2070.03, 2070.04, 2070.07, 2080.04, 2080.06
internal affairs doctrine, 290.03, 1250.02, 1250.04
liquidating trustees, 3730.02, 3730.10
manager-managed LLCs, 1710.06, 1740.05, 1920.08, 2010.04, 2080.04, 3670.03, 4540.03, 4920.03, 5010.02, 5640.04, B30.03, C20.01, C20.02, C20.03, C20.04, C20.05, C20.06, C20.07, C20.08, C20.09
partnership representatives, 4430.06, 4490.03, C20.08, D40.01
personal jurisdiction, 3730.01, 3730.02, 3730.03, 3730.04, 3730.05, 3730.06, 3730.07, 3730.08, 3730.09, 3730.10
Revised Uniform Limited Liability Company Act, 230.05, 340.09, 1440.03, 1710.03, 1710.05, 1740.06, 1760.04, 1790.01, 1810.05, 1920.08, 2010.04, 2330.03, 3130.08, 3340.08, 3530.05, 3670.03, 3670.11, B30.01, B30.03
safe harbors, 2240.02, 2430.08, 5230.06
special litigation committees, 1950.07, 3550.01, 3550.03
special-purpose entities, 1170.03, 1170.04, 1950.02, C10.03
sponsors and investors, 1760.08, 2410.08, 4540.03, 4540.07
subject-matter jurisdiction, 3710.01, 3710.02, 3710.03
summary proceedings, 2060.01, 3710.03, 3820.01, 3820.02, 3820.05, 3820.10
Mandatory redemption, 1601.04
distribution limits, 1650.03, 1650.07
mezzanine financing, 1660.01, 1660.06, 5150.08
preferred interests, 1660.01, 5150.08
redemptions, 1650.01, 1650.02, 1650.03, 1650.04, 1650.05, 1650.06, 1650.07, 1650.08
Revised Uniform Limited Liability Company Act, 1650.04, 2740.02
Mandatory rules, 301.03, 390.02, 840.02, B01.04, B20.02
amendment of operating agreements, 320.08
Delaware, B20.01
Delaware Limited Liability Company Act, 320.01, 320.03, 320.04, 320.05, 320.06, 320.07, 320.08
distribution limits, 320.03
entire fairness, 320.02
freedom of contract, 310.05, B20.01
good faith and fair dealing, implied covenant of, 320.02, 330.06, 2320.07
information rights, 320.04
judicial dissolution, A40.01, B60.01
manifestly unreasonable standard, 330.04
reference statutes, 290.07
registered agents, 320.05
Revised Uniform Limited Liability Company Act, 210.02, 210.05, 280.08, 330.01, 330.02, 330.03, 330.04, 330.05, 330.06, 1860.02, 2020.05, 2210.06, 2260.05, 2310.04, 2420.07
Manifestly unreasonable standard, 2150.04, 5601.04, 5650.01
duty of loyalty, 230.05, 2420.07
good faith (contractual), 2280.01, 3140.04
judicial dissolution, A40.01, A40.03
mandatory rules, 330.01, 330.02, 330.03, 330.04, 330.05, 330.06, 840.02, B20.01, B20.02
New Jersey, 2270.02
Revised Uniform Limited Liability Company Act, 160.03, 230.04, 230.05, 330.01, 330.02, 330.03, 330.04, 330.05, 330.06, 340.09, 350.08, 2210.06, 2270.01, 2270.02, 2310.04, 2420.07, B10.02
Marshall Islands
creditors' remedies, 5450.05
decentralized autonomous organizations, 5350.07
Marshall Islands LLC Act, 5450.02, 5450.03, 5450.05
unwrapped DAOs, 5350.07
withholding, 5450.03
See also Marshall Islands DAO Act
Marshall Islands LLC Act, 5450.01, 5450.07
cross-border planning, 5490.01, 5490.08
decentralized autonomous organizations, 5350.02, 5390.07
domestications, 3450.07, 5450.06
Marshall Islands, 5350.07, 5450.02, 5450.03, 5450.05
non-U.S. LLC statutes, 470.04, 470.05, 2550.05, 2780.04, 4840.07, 5410.05, 5410.06, 5490.01, 5490.08
Massachusetts business trusts. See Business trusts
Material participation, 4060.06
net investment income tax, 4501.03, 4570.03, 4570.04, 4570.05, 4570.06, 4570.07, 4570.08, 4580.01, 4590.04
passive activity losses, 4060.05, 4570.03, 4570.08
personal jurisdiction, 3730.05
Mediation, 3660.08
deadlock, 1720.06, 1980.04, 3020.08, 3290.03, 5220.05, 5660.09
judicial dissolution, 1720.06, 5660.09
shotgun clauses, 3080.03, 3080.10
tag-along rights, 3080.03, 3080.10
tie-breaking mechanisms, 3270.03
Meetings, 2030, 2030.02, 2040, D30.01
Notice and its waiver, 2030.04
proxies, 1940.06
quorum, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.06, 1940.07, 1940.08, 2030.05
record dates, 2030.05
recordkeeping, 1940.07, 2030.06
Revised Uniform Limited Liability Company Act, 2030.01
written consents, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.08, 2030.03, 5640.08
Member loans, 1301.03, 1370, 1370.03, 1370.04, 1370.05, 1380, 1380.01, 1380.03, 2710.04, 3040.07, 3090.07, 4050.05, 4990.07, 5620.08
capital calls, 1330.05, 1370.06, C20.04
defaulting members, 1330.05, 5160.04
equitable subordination, 1380.04, 1380.05
member guaranties, 1380.06
members as creditors, 1370.01
one class of stock, 4330.10
preemptive rights, 1390.05, 1390.06
recharacterization of debt, 1380.02, 1380.04
Revised Uniform Limited Liability Company Act, 1370.02
tax treatment in outline, 1370.07
Member-managed LLCs, 1710, 1770, 1830.03, 2120.03, 2450.06, 5640.01
authority to file bankruptcy, 4920.02
decentralized autonomous organizations, 5320.07, 5330.10, 5330.11
good faith (contractual), 2170.07
Howey test, 1770.04, 4730.03, 4730.05, 4730.09
information rights, 2080.02
limited partner exclusion, 4540.02
member-managed defaults, 5640.03
Revised Uniform Limited Liability Company Act, 1440.03, 2010.03, 2080.02, 3120.04, 3670.02, B30.01
self-employment tax, 4540.02
Williamson factors, 1770.04, 4730.03, 4730.05, 4730.09
Wyoming DAO Supplement, 5330.11
Mergers, 3410, 3420, 3430, 3440, 3440.01, 3460, 3470, 3480, 3490, 3490.03, 4180.06, 4980.01
annual compliance reviews, F95.01, F95.02, F95.03
appraisal rights, 3430.01, 3430.02, 3430.03, 3430.06, 3430.09
asset protection trusts, 4980.03
automatic changes, 4260.01
Brinckerhoff decision, 3560.02
changes in number of members, 4260.02, 4260.03
consolidations, 3420.01, 3420.02, 3420.03, 3420.04, 3420.07, 3420.08, 3420.09
continuous ownership requirement, 3560.01
contractual standards, 3440.03, 3440.05, 3440.06
conversions and divisions, 5670.05
Delaware, 3410.02, 3430.01, 3430.06, D10.05
derivative claims, 3560.03, 3560.05, 3560.06, 3560.07
domestications, 830.05, 3560.04, B70.01
double derivative claims, 3560.01, 3560.02, 3560.03, 3560.04, 3560.05, 3560.06, 3560.07
elective classification changes, 4260.04, 4260.05
entity transaction approvals, 830.04
interest exchanges, 3420.01, 3420.02, 3420.03, 3420.04, 3420.05, 3420.06, 3420.07, 3420.08, 3420.09
into and out of disregarded entities, 4260.07
LTL decision, 3470.09, 4980.06
mass tort bankruptcy, 3470.09, 4980.06
minority members, 3440.09
partnership mergers and divisions (tax), 3480.02
provisions of the operating agreement, 3490.02
Purdue decision, 4980.07
registered series, 1030.07
Revised Uniform Limited Liability Company Act, 3410.03, 3420.06
safe harbors, 2240.02, 3440.04, 3440.07
Texas, 3410.05, 3430.05, 3470.06
transfers by operation of law, 3460.07
unanimous consent, 3430.03, B70.02
See also Appraisal rights; Conversions; Divisions
Mezzanine financing, 1601.04, 5110.03, 5190.04
blocking provisions, 1660.06
independent managers, 5150.02
intercreditor agreements, 5150.07
mezzanine loan, 5150.03
New York, 5150.06
pledges of interests, 1680.01, 2970.01, 2970.06, 2970.08, 5150.05, F60.02
preferred interests, 1660.01, 1660.02, 1660.03, 1660.04, 1660.05, 1660.06, 5150.08
recharacterization of debt, 1660.05
single-purpose borrower, 5150.01
sponsors and investors, 5150.08
Uniform Commercial Code Article 8, 5150.04
Mezzanine loans. See Mezzanine financing
Minimum gain, 1490.01
capital accounts, 4070.05, 5630.03
manager-managed LLCs, C20.08
nonrecourse deductions, 4070.11
partnership representatives, C20.08
qualified income offset, 1350.06, 4070.05
Minority members, 3201.03, 3210, 3250, 3260, 3280, 3280.01, 3280.02, 3440.09, 5250.05
appraisal rights, 3430.03
close corporations, 3210.05
dissociation, 1420.07, 3210.03
good faith and fair dealing, implied covenant of, 1420.03, 3260.03, 3260.07
judicial dissolution, 3280.04
lock-in, 3210.01
majority's perspective, 3210.06
minority protections, 3290.05
oppression, 3240.09, 3250.02, 3250.03, 3250.06, 3280.04
Revised Uniform Limited Liability Company Act, 3210.03, 3340.05
shotgun clauses, 3080.09
tag-along rights, 3080.09
tools of exclusion, 3210.04
valuation discounts, 3040.05, 5040.03
view and its rejection, 2810.03
waivers of judicial dissolution, 3280.03
Mixing-bowl rules, 4101.06
claims procedures on dissolution, 4140.02
current distributions, 4110.06, 4150.07
disguised sales, 4140.05
liquidating distributions, 4150.07, 4150.08
outside basis, 4110.03, 4140.04
planning within the seven-year window, 4140.06
Section 704(c), 4140.02, 4140.03
transaction the rules target, 4140.01
Model Business Corporation Act, 1430.01
claims procedures on dissolution, 2560.05, 3360.01
Revised Uniform Limited Liability Company Act, 2560.05, 3360.01, 3410.03
Model Entity Transactions Act, 260.02
Revised Uniform Limited Liability Company Act, 230.01, 3410.03, A10.01, B10.02
Multi-member structuring, 2790.03, 4290.06, 4970.04
changes in number of members, 930.06, 990.03
foreclosure of charged interests, 2720.05, 2780.04
non-U.S. LLC statutes, 2780.04
single-member and simple multi-member agreements, 790.11
N
Natural-person control
algorithmic management, 5330.06, 5330.08
decentralized autonomous organizations, 5330.08, 5330.11, 5350.04, 5390.07, 5390.08, C60.03
smart contracts, 5390.03, 5390.08
Net investment income tax, 4570.01, 4570.07
material participation, 4570.08, 4580.01
net investment income, 4570.02
passive activity losses, 4570.03, 4570.04, 4570.08
recharacterization of debt, 4570.04
relationship among the three regimes, 4501.03
Section 199A, 4580.04, 4590.04
self-charged interest, 4570.05
self-employment tax, 4510.08, 4570.06
W-2 wage limitation, 4590.04
Nevada, 250.04, 540.06, 590.04, 4970.03, A60.03
administrative dissolution, 3320.10
articles of organization, 1050.03
books and records, 3670.11
chapter 7 cases, 4970.03
claims procedures on dissolution, 3360.09
creditors' remedies, 560.01
Delaware forum reliability, 240.07, 540.06, 3450.08
Delaware Limited Liability Company Act, 240.07
domestications, 3450.08
freedom of contract, 2210.03
full faith and credit, 1050.03
good faith (contractual), 2210.03
internal shields of series, 590.04
Nevada commerce tax, 4620.08
Revised Uniform Limited Liability Company Act, 3360.09, 3670.11
South Dakota, 560.01, 560.02, 560.03
Wyoming LLC Act, 660.05
Nevis, 5420.12
check-the-box regulations, 5570.07
cross-border planning, 5490.05
duration of charging orders, 5570.02
foreclosure of charged interests, 2780.04
fraudulent transfers, 5570.03
full faith and credit, 5490.05
members, 5470.06
Nevis LLC Ordinance, 470.04, 570.07, 1460.04, 2750.10, 5420.01, 5470.04, 5570.02, 5680.03, C40.03
non-U.S. LLC statutes, 470.04, 2780.04, 4840.07
offshore LLCs, 4840.07
per se corporations, 5570.07
recognition of foreign judgments, 5570.03
tax distributions, 2750.10, C40.03
tax payments under charging orders, 570.07, 1460.04, 5470.04, 5680.03
See also Nevis LLC Ordinance
Nevis LLC Ordinance, 1490.01, C40.01
charging order, 5420.07
default classification, 3950.07, 4280.04
duration of charging orders, 5460.02
Nevis, 470.04, 1460.04, 2750.10, 5420.01, 5470.04, 5570.02, 5680.03, C40.03
non-U.S. LLC statutes, 470.04, 2780.04, 5410.02, 5410.06
tax distributions, 2750.10, C40.03
tax payments under charging orders, 570.07, 1460.04, 5420.08, 5520.07, 5680.03
New Jersey
manifestly unreasonable standard, 2270.02
property tax reassessment, 5130.06
Revised Uniform Limited Liability Company Act, 2270.02
transfer taxes, 5130.06
New York, 250.02, 1110.03, 1110.07, 1230.07, 2110.06, 2210.05, 2810.07, 2860.04, 2860.05, 3250.05, 3670.08, 3720.08, 4850.04, 4850.06, 5150.06, 5490.08, A60.06
annual reports, 660.06
arbitration, 3720.08
bad faith, 2260.05
beneficial owners, 4850.03
beneficial-ownership reporting, 680.05
California RULLCA, 2110.06
cross-border planning, 5490.08
New York City unincorporated business tax, 4620.06
New York LLC Law, 1110.03
New York LLC Transparency Act, 680.05, 4850.03
pass-through entity taxes, 4650.06, E50.05
property tax reassessment, 5130.02, 5130.03
publication requirement, 250.02, 1230.07
Revised Uniform Limited Liability Company Act, 2260.05, 3670.08
SALT deduction limitation, 4650.06
transfer taxes, 5130.02, 5130.03
trust fund recovery penalty, 2810.07, 4850.06
Uniform Commercial Code Article 9, 5150.06
See also New York LLC Law
New York City unincorporated business tax, 4610.02
California, 250.06, 520.03, 660.04, 1080.04, 1220.06, 4620.02, 4630.05, 4630.06, A60.07
entity after Wayfair, 4630.02
foreign LLCs, 1210.05, 3710.07
franchise taxes, 4630.05
pass-through entity taxes, 4650.01, 4650.06
public law 86-272, 4630.03
NIIT. See Net investment income tax
Non-competes. See Non-competition covenants
Non-competition covenants, 1590.06, 2150.04, 3190.02, 3290.04, 3860.02, 5290.02, 5290.04
antitrust, 5240.01, 5240.02, 5240.03, 5240.04, 5240.05, 5240.06, 5240.07
dissociation, 2180.04, 3170.06, 3170.07, F80.04
dual fiduciaries, 5230.03, 5230.07
exclusive remedy, 5240.05
forfeiture-for-competition provisions, 5240.04
intellectual property, 5240.01, 5240.02, 5240.03, 5240.06, 5240.07
Revised Uniform Limited Liability Company Act, 3130.08, 3190.09
Noncompetition covenants. See Non-competition covenants
Nonprofit LLCs, 1101.02, 4390.07
charitable planning, 1160.02, 1160.03, 4220.08, 5080.08
defined value clauses, 5040.05, 5040.07, 5040.08
nonprofit purposes, 1160.01
Nonrecourse deductions
capital accounts, 4070.05, 5630.03
minimum gain, 4070.11
qualified income offset, 1350.06, 4070.05
Non-U.S. LLC statutes, 2780.01, 4890.04, 5401.04, 5410, 5410.01, 5490, 5570.06
Anson and the UK position, 470.07
California, 1280.05
choice of entity, 480.10
Colorado, 2550.05
cross-border planning, 5490.01, 5490.02, 5490.03, 5490.04, 5490.05, 5490.06, 5490.07, 5490.08
domestications, 3450.05
entities in U.S. states, 1280.03
foreclosure of charged interests, 2780.04
foreign LLCs, 1210.02
GmbH, 470.02
Nevis, 470.04, 2780.04, 4840.07
Nevis LLC Ordinance, 470.04
non-U.S. LLCs, 3990.02
non-U.S. statutes, A70.03
offshore LLCs, 4840.07, 4870.04
planning for non-U.S. members, 470.08
U.S. tax classification of non-U.S. entities, 470.05
Nonwaivable provisions. See Mandatory rules
Notice provisions, 4470.01
O
Officers, 1760.06, 1910, 1920, 1960, 1960.04, 1960.06, 1990, 2120.08, 2340.02, 2340.09, 5220.03, 5640.06, D30.06
apparent authority and titles, 1960.03
authority conferred by the agreement, 1960.02
beneficial owners, 4820.03, 4820.04
binding to the agreement, 1960.05
Delaware Limited Liability Company Act, C10.05
evidence of authority, 1960.09
filing office, 1840.08
good faith (contractual), C20.09
good standing, D80.01, D80.02, D80.03, D80.04
incumbency certificates, 1890.02, D80.01, D80.02, D80.03, D80.04
indemnification and insurance, 1960.07
independent managers, C10.05
manager-managed LLCs, C20.09
managers, and other agents, 2520.06
no statutory, 1960.01
reading § 408, 2330.04
removal and employment terms, 1960.08
separate from indemnification, 2350.02
Offshore LLCs, 4280.01, 5401.04, 5480.03
cross-border planning, 5490.01, 5490.02, 5490.03, 5490.06, 5490.07, 5490.08
default classification, 3950.03, 3950.05
domestications, 3450.05, 3450.07
eligible entities, 3950.03, 3950.05, 5480.01
Nevis, 4840.07
non-U.S. LLC statutes, 3450.05, 4840.07, 4870.04, 5410.01, 5410.05, 5410.06, 5490.01, 5490.02, 5490.03, 5490.06, 5490.07, 5490.08, 5570.06
Olmstead decision, 950.02
creditor protection, inside and outside, 5510.04, 5510.06
creditors' remedies, 950.06, A30.03
Florida, 160.07, 570.04, 5510.04, 5510.05, A30.03
foreclosure of charged interests, 950.06, 2740.05, 2980.08
Revised Uniform Limited Liability Company Act, 950.05, 2740.05
One class of stock, 4301.02, 4330.01, 4390.07
buy-sell agreements, 4330.09
capital accounts, 4330.04
default state law, 4330.05
equity compensation, 4330.07
governing provisions, 4330.02
inadvertent termination relief, 4380.01, 4380.05
management and voting differences, 4330.11
member loans, 4330.10
preferred returns, 4330.06
profits interests, 4330.07
redemptions, 4330.09
rights and payments distinguished, 4330.03
S corporations, 430.02, 430.03, 430.04, 430.07, 4310.06, 4380.05, 4390.02, 5680.08, C50.01, C50.03, C50.04, D40.03
tax distributions, 4330.08, 4340.04
waterfalls, 4330.06
Operating agreements, 920.01, 920.03, 1090.03, 1590.06, 1820.02, 2530.07, 2790.05, 3410.07, 3490.02, 3530.01, 3530.07, 4101.05, 4340.03, 4590.03, 4890.01, 5190.01, 5290.04, 5420.03, C60, F30.02
algorithmic management, 5330.07, 5330.09
bad faith, 2170.04
benefit LLCs, 1190.04
certificate of formation, 610.06, 780.02
cross-border planning, 4690.04
decentralized autonomous organizations, 5390.01, 5390.02, 5390.04, 5390.05, 5390.06, 5390.07, 5390.08, C60.07
Delaware, 160.02, 180.03, 650.05, 1610.01, 1830.07, 3530.04, B20.01
directed trusts, 5440.08
domestications, 3450.10
Ehmann decision, 4960.03, 4960.06
equity compensation, 4330.07, 4340.05
executory contracts, 4960.01, 4960.02, 4960.03, 4960.04, 4960.05, 4960.06
freedom of contract, 160.02, 310.04, 310.06
good faith and fair dealing, implied covenant of, 3260.02
good faith (contractual), 2170.04
internal affairs doctrine, 1250.07
mandatory rules, 210.05, B20.01, B20.02
one class of stock, 4330.01, 4330.02, 4330.03, 4330.04, 4330.05, 4330.08, 4330.10, 4330.11
partnership representatives, 4430.04
pledges of interests, 1670.06, 2970.07
professional LLCs, 1190.02
push-out elections, 4460.07
revaluations, 4080.08
Revised Uniform Limited Liability Company Act, 210.05, 230.04, 230.05, 720.02, 730.03, 780.06, 910.03, 2270.02, 3530.05
smart contracts, 5330.07, 5330.09, 5390.01, 5390.02, 5390.03, 5390.04, 5390.05, 5390.06, 5390.08, C60.07
special-purpose entities, 1190.02, 1190.04, 1190.05
tax distributions, 4330.08, 4340.04
Texas, 1250.07
two-tier structures, 4460.07
varying interests, 4080.08
withholding, 4690.04
Opportunity, corporate. See Corporate opportunity
Oppression, 3201.03, 3240, 3250
alternative remedies to dissolution, 3240.01, 3240.02, 3240.03, 3240.04, 3240.05, 3240.06, 3240.07, 3240.08, 3240.09
California, 3250.07
close corporations, 3210.05, 3250.01
deadlock, 3090.06
expulsion, 3240.04
judicial dissolution, 230.08, 360.04, 3090.06, 3201.02, 3240.03, 3250.08, 3280.04, A40.01, A40.02, B60.01
minority members, 3210.05, 3280.04
New York, 3250.05
North Carolina, 3250.07
purpose clauses, 3250.02
reasonable expectations under the dissolution statutes, 3250.03
Revised Uniform Limited Liability Company Act, 230.08, 360.04, 3240.01, 3240.02, 3240.05, 3240.06, 3240.07, 3240.08, 3240.09, 3250.04, 3840.05
Texas, 3250.06
Wyoming LLC Act, 3250.08
See also Minority members
Oral operating agreements
course of performance, 360.08, 770.03
oral and implied agreements, 710.04
Section 2036, 5060.04
Organizers, 730.04, 2120.09, F20.02
certificate of formation, 610.01, 610.07, D10.02, D10.03, D10.06, D30.02
decentralized autonomous organizations, 5390.07, D20.03
registered agents, 5320.04, D10.02, D10.03
registered series, D10.04, D10.07
statements of management (DAO), D20.02
Outside basis, 4001.04
basis, 2990.03, 3090.03, 4030.02, 4030.04, 4030.05, 4030.08, 4101.03, 4110.03, 4120.02, 4120.04, 4140.04, 5080.03
capital accounts, 4030.06
current distributions, 4110.03, 4110.04, 4110.05, 4110.06, 4120.02, 4120.04, 4130.05, 4150.02, 4150.07
distributee liability, 2880.05, 4110.06
inside basis, 4030.02, 4030.04, 4030.05, 4030.06, 4030.07, 4030.08
liquidating distributions, 4150.02, 4150.03, 4150.07
mixing-bowl rules, 4140.03, 4140.04
Revised Uniform Limited Liability Company Act, 2880.05, 3360.03, 3360.04
P
Participation doctrine, 370.03, 2801.03, 2820.01, 2820.02
malpractice liability, 2820.05
misrepresentation and fraud, 2820.04
pleading standards, 2820.03
torts against the LLC's counterparties, 2820.06
Partnership anti-abuse rule, 4001.04
basis-shifting transactions, 4090.01, 4090.02, 4090.03, 4090.04, 4090.05, 4090.06, 4090.07, 4090.09, 4170.10
economic substance, 4090.02
partnership information returns, 4090.05, 4090.06, 4090.07, 4090.09
Partnership audits. See Centralized partnership audit regime
Partnership information returns, E40.01
basis-shifting transactions, 4090.05, 4090.06, 4090.07, 4090.09
inside basis, 4030.07, 4030.08
partnership anti-abuse rule, 4090.05, 4090.06, 4090.07, 4090.09
Partnership liabilities, 1020.06, 1430.06
current distributions, 4110.05, 4150.07
disguised payments for services, 4040.05, 4040.06, 4040.07
disguised sales, 4040.05, 4040.06, 4040.07
distribution limits, 1430.02, 1650.03, 3050.08, 3170.05, 5630.09, B40.01
member loans, 1370.07, 1380.06
nonrecourse liabilities, 4050.08
statutory scheme, 4050.01
Partnership mergers and divisions (tax), 1360.06, 3490.03
partnership divisions, 3480.03
partnership mergers, 3480.02
Partnership representatives, 4430, 4430.02, 4470.01, 5630.07, E20.03
check-the-box regulations, D40.03
conflicts of interest, D40.01, D40.02
conformity to federal classification, 4490.03, 4490.06
designation, resignation and revocation, 4430.03
drafting the provisions, 4430.06
duties under state law, 4430.05
imputed underpayments, 4490.03, C20.08
manager-managed LLCs, C20.08
S corporations, D40.03
sole authority and the operating agreement, 4430.04
statutory role, 4430.01
Partnership taxation, 4010, 4010.04, 4170
aggregate and entity, 4010.02
basic rule of pass-through taxation, 4010.01
flexibility of subchapter K, 4010.03
S corporations, 430.04
Section 754 elections, E20.01
state law and federal tax, 4010.05
See also Allocations
Partnerships, compared
decentralized autonomous organizations, 5310.03, 5310.04, 5310.05
effectively connected income, 440.07
general partnership, 110.02
limited liability partnerships, 440.01, 440.02, 440.03, 440.04, 440.05, 440.06, 440.07, 440.08
Passive activity losses, 4001.02, 4060.01
imputed underpayments, 4450.03, 4450.05
material participation, 4060.05, 4570.08
net investment income tax, 4570.02, 4570.03, 4570.04, 4570.05, 4570.07, 4570.08, 4590.04
recharacterization of debt, 4570.04
Pass-through entity taxes, 4601.02
California, 4650.08
cross-border planning, 4690.04, 4690.05
SALT deduction limitation, 4650.01, 4650.02, 4650.03, 4650.04, 4650.05, 4650.06, 4650.07, 4650.08, 4650.09
state pass-through entity tax elections, E30.05
Pass-through taxation, 4010.01, 5101.04
limited liability partnerships, 440.07
partnerships, compared, 440.07
pass-through entity taxes, 4650.01, 4650.02, 4650.03, 4650.04, 4650.05, 4650.06, 4650.07, 4650.08, 4650.09, E30.05
S corporations, 4350.01, 4350.08
SALT deduction limitation, 4650.01, 4650.02, 4650.03, 4650.04, 4650.05, 4650.06, 4650.07, 4650.08, 4650.09
shareholder basis, 4350.01, 4350.02, 4350.03, 4350.04, 4350.05, 4350.06, 4350.07, 4350.08
Payments to retiring members, 3010.08, 4101.06, 4160.02, 4160.05
current distributions, 4110.01, 4130.05, 4150.07
hot assets, 4130.02, 4130.04, 4130.05, 4130.07, 4160.03, 4160.07
income in respect of a decedent, 4160.09, 4180.02
liquidating distributions, 4110.01, 4150.07
Payroll and employee status of members, 4230.08
Section 199A, 4550.02, 4550.04, 4550.07, 4560.02, 4560.08, 4590.04
Penalties for reporting failures
Penalty doctrine, 1360.06
capital calls, 1330.03, 1330.04, 1330.05, 1330.06, 5160.03
defaulting members, 1330.03, 5160.03, 5160.04, 5620.07
dilution, 1330.04, 5160.04, 5160.05
liquidated damages, 5140.03
Pennsylvania
constructive fraudulent transfers, 3470.07
fraudulent transfers, 3470.07
property tax reassessment, 5130.04
transfer taxes, 5130.04
Per se corporations, 3940, 3990.09
amendments to the list, 3940.04
categories that reach LLCs, 3940.02
eligible entities, 3940.01, 3950.07, 5480.01
entities with multiple charters, 3940.06
foreign per se list, 3940.03
grandfather rule, 3940.05
non-U.S. LLC statutes, 470.05, 3990.02
publicly traded LLCs, 3940.07
Permitted transferees, 5140.08, 5290.04
lock-up and permitted transfers, 5250.02
transfer restrictions, 2940.01, 2940.06, 2940.10, 3090.05, 5010.04
Personal jurisdiction, 3730.01, 3730.03, 3780.04
arbitration, 3770.10, 3790.01, 3790.08
Delaware, 3701.04, 3730.07, 3790.01
formal managers and acting managers, 3730.04
limits of the statute, 3730.08
liquidating trustees, 3730.02, 3730.10
material participation, 3730.05
mechanics of service, 3730.09
no formal role required, 3730.06
See also Forum selection
Personal liability, 3460.05
at-risk rules, 4060.03
meaning of "solely.", 2520.03
See also Liability shield
Phantom income. See Charging creditor, tax position of
Piercing, reverse. See Reverse veil piercing
Piercing the veil. See Veil piercing
Plans of merger, 3470.04, 3490.03
appraisal rights, 3430.04, 3430.06
consolidations, 3420.03, 3420.07
Delaware, 240.07, 3430.06, 3450.08, 3470.02, 3470.05, D10.05
Delaware forum reliability, 240.07, 540.06
domestications, 830.05, 3450.08
interest exchanges, 3420.03, 3420.06, 3420.07
Revised Uniform Limited Liability Company Act, 3420.06, 3430.04
Pleading standards, 740.05, 760.05, 1240.03, 2310.03, 3501.03, 3590.02
application to LLCs, 3720.03
arbitration, 3720.08
books and records, 3630.06, 3680.01, 3680.02
California, 3550.05
Carden decision, 3720.02
class actions, 3720.06
derivative claims, 3590.04, 3590.05
direct claims, 3590.03
entire fairness, 350.06
Federal courts and LLC disputes, 3720.01
good faith and fair dealing, implied covenant of, 350.06, 770.04, 2250.05
participation doctrine, 2820.03
pleading citizenship, 3720.05
removal and the forum-defendant rule, 3720.07
special litigation committees, 3550.05
survey of the principal statutes, 3590.01
tracing through tiers, 3720.04
Pledges of interests, 1670.01, 2920.04, 2970.01, 2970.06, D30.06, F60.02
anti-assignment provisions, 1670.05, 2970.04
commercial reasonableness, 2970.08
general intangible or security, 1670.02
lender protections in the operating agreement, 2970.07
lender requirements in the operating agreement, 1670.06
mezzanine financing, 1660.03, 5150.03, 5150.04, 5150.05
perfection and priority, 1670.03
proxies, 2050.05
Revised Uniform Limited Liability Company Act, 2910.01, 2930.01
spousal consents, D50.04
transfer restrictions, 1670.04
Uniform Commercial Code Article 8, 2970.02, 2970.03, 5150.04, D50.04
Uniform Commercial Code Article 9, 1670.05, 1680.01, 2970.02, 2970.04, 2970.05
PLLCs. See Professional LLCs
Post-dissolution claims, 2880.01, 3350.04, 3350.10
certificates of cancellation, 2560.07, 3301.02, 3301.03, 3380.07, 3380.11, 3380.12, 3840.04
claims procedures on dissolution, 2560.05, 2560.06, 2880.04, 3360.01, 3360.02, 3360.09, 3390.04
dissolution and post-dissolution statements, 1840.06
distributee liability, 2880.05, 3370.05
Nevada, 3360.09
receivers, 3380.07, 3380.11, 3380.12, 3840.04
Revised Uniform Limited Liability Company Act, 670.07, 2080.05, 2560.05, 2880.04, 2880.05, 3330.04, 3340.08, 3360.01, 3360.02, 3360.04, 3360.05, 3360.07, 3360.08, 3370.05
Texas, 3360.07
winding up, 2560.06, 3301.02, 3340.03, 3340.04, 3340.08, 3390.04, F90.03
Preemptive rights, 740.08, 1301.03, 1390.03, 1390.05, 3070.01, 3090.07, 3530.07, 5620.09
authority to issue new interests, 1390.01
capital provisions as a whole, 1390.06
minority members, 3280.02, 3290.05
New classes and senior interests, 1390.02
rights of first refusal, 3070.06
securities law, 1390.04
Preference actions, 1601.04, 1610.07
derivative claims, 3510.04
distribution limits, 1430.03, B40.01
lender's preference, 5101.06
liquidation preferences, 1620.01, 1620.02, 1620.03, 1620.04, 1620.05, 1620.06, 1620.07
preferred returns, 1620.01, 1620.02, 1620.03, 1620.04, 1620.05, 1620.06, 1620.07, 1690.02
Revised Uniform Limited Liability Company Act, 1430.03, B40.01
Preferred interests, 1601.04, 1660, 4390.04, 4390.07
blocking provisions, 1660.06, 4930.10
mezzanine financing, 1660.01, 1660.02, 1660.03, 1660.04, 1660.05, 1660.06, 5150.08
recharacterization of debt, 1660.05
Preferred returns
capital accounts, 1550.04
catch-up provisions, 1550.01, 1550.02, 1550.03, 1550.04, 1550.05, 1550.06, 4330.06
hurdle rates, 1630.05
liquidation preferences, 1620.01, 1620.02, 1620.03, 1620.04, 1620.05, 1620.06, 1620.07
mezzanine financing, 1660.03, 1660.06
preference actions, 1620.01, 1620.02, 1620.03, 1620.04, 1620.05, 1620.06, 1620.07
revaluations, 1550.02
Preliminary injunctions. See Injunctions
Premises liability, 5180.01
Prenuptial agreements, F50.03
Privacy, 530.04, 4880.02, 4880.03, 4880.04
beneficial-ownership reporting, 580.02
compliance programs for LLC groups, 4880.05
confidentiality, 4880.01
counterparty expectations, 580.05
non-U.S. LLC statutes, 4880.06
public record, 580.01
relationship with trusts, 580.06
statutory features, 580.04
tax classification, 580.03
Private funds, 5260, 5260.01, 5260.02
advisory committees, 5260.07
carried interest, 5260.03, 5260.04
choice of entity, 480.06
continuation vehicles, 5260.08
fund managers, 5260.03, 5260.04
Investment Advisers Act, 4760.06
Investment Company Act, 4760.06
key person provisions, 5260.07
Private Fund Adviser Rules, 5270.03
side letters, 5260.06
special-purpose entities, 5260.05
special-purpose vehicles, 5260.05
sponsors and investors, 2470.02
See also Investment Company Act
Professional LLCs, 170.02, 1101.02, 1101.04, 1110.02, 1120.01, 2501.03, A10.04
limited partner exclusion, 4520.06, 4540.05
Profits interests, 1360.05, 1501.02, 1510, 1520, 1530, 1540, 1550, 1570, 1580, 1580.02, 1590, 1590.05, 4390.07, B30.02
capital accounts, 1510.02
capital interests, 1510.03, 1510.05, 1540.02
economic difference, 1510.04
equity compensation, 4330.07
liquidation test, 1510.01
one class of stock, 4330.07
Revenue Procedure 93-27, 1520.03, 1520.06
safe harbors, 1520.01, 1520.02, 1520.03, 1520.04, 1520.05, 1520.07, 1530.02
Section 83(b) elections, 1540.02, 1540.03, 1540.06
valuation in practice, 1510.06
Promissory notes as contributions, 4020.03, 5620.05
capital accounts, 1340.05
notes and other obligations, 1310.06
Promote. See Promotes
Promoter liability, 640.04, 690.02, F20.02
acts before formation, 730.05
agency rule, 640.02
contracts, personal liability on, 2830.04
Howey test, 1770.04, 4720.01, 4720.03, 4720.07, 4730.07, 4730.09
Promotes
capital interests, 1560.04
carried interest, 1560.01, 1560.02, 1560.03, 1560.04, 1560.05, 1560.06, 1560.07, 5170.06, 5260.04
clawbacks, 1480.03, 1640.01, 1640.02
European and American waterfalls, 1630.04
fund managers, 5260.04
sponsors and investors, 1630.01, 1630.02, 1630.03, 4540.07, 5160.01
Proper purpose, 2950.04, 3601.04, 3630, 3630.03, 3630.07
books and records, 2070.07, 3610.01, 3610.05, 3630.06, 3640.02, 3660.10, D60.02
credible basis, 3630.05
Delaware Limited Liability Company Act, 2070.01, 2070.02, 2070.03, 2070.06
improper purposes, 3630.08
information rights, 320.04, 360.05, 1740.05, 2070.01, 2070.02, 2070.03, 2070.06, 2070.07, 2080.04, 5640.09
investigating mismanagement and wrongdoing, 3630.04
manager-managed LLCs, 1740.05, 2080.04, 3670.03, B30.03
primary and secondary purposes, 3630.02
Revised Uniform Limited Liability Company Act, 2930.06, 2930.08, 3670.01, 3670.03, 3670.08, 3670.10, 3670.11, B30.03
statutory test, 3630.01
Property management agreements, 1820.05, 5180.03
sponsors and investors, 2120.07, 2440.10, 5160.01, 5160.06, 5160.08
Property of the estate, 570.06, 3070.09
bankruptcy of a member, 2760.03, 2980.06, 4950.01, 4950.02, 4950.03, 4950.04, 4950.05, 4950.07
consolidations, 1070.07, 2680.01, 4940.05
Delaware, 4950.06
dissociation, 4950.03
executory contracts, 3160.06, 3160.07, 4960.01, 4960.03
Garrison-Ashburn decision, 4950.04
Milford Power decision, 4950.06
Property tax reassessment, 5190.04, F50.04
California, 5130.08
Delaware, 5130.07
Florida, 5130.05
New Jersey, 5130.06
Pennsylvania, 5130.04
transfer taxes, 5130.01, 5130.02, 5130.03, 5130.04, 5130.05, 5130.06, 5130.07, 5130.08, 5130.09, 5130.10
Protected series, 160.04, 1010, 1020, 1020.03, 1020.06, 1030, 1040, 1060, 1070, 1090, 4610.04
agreement and the certificate, 1020.02
conditions of the shield, 1020.01
Delaware, 1010.01, A20.01, B10.01
effect on practice, 260.04
foreign series, 1060.07
harmonization project, 260.01
internal shields of series, 1060.03, 1060.05
jurisdictions without a series statute, A20.02
leaseholds, 1020.07
members and managers of a series, 1020.05
Model Entity Transactions Act, 260.02
powers and capacity, 1020.04
recognition elsewhere, A20.03
registered series, 1030.06, 1040.02, 1090.04, B80.01
Revised Uniform Limited Liability Company Act, A10.01, B80.01, B80.02, B80.03
Uniform Limited Liability Company Act (1996), A10.01
Uniform Protected Series Act, 260.03, 1060.01, 1060.02, 1060.03, 1060.04, 1060.05, 1060.06, 1060.07, A20.01
winding up, 1020.07
See also Series LLCs
Protective provisions, 830.02, 1610.05, 1930.04, 3530.07, 5640.10
beneficial owners, 4820.04, 4820.08
blocking provisions, 2020.04, 4930.08, 4930.09, 4930.10
independent managers, 4930.08, 4930.10
manager-managed LLCs, 4540.03, C20.02
negotiated consent rights, 1740.04
reserved matters, 1860.04, 5160.02, 5220.02, 5640.07
specific performance, 3830.08
supermajority requirements, 820.03, 3220.03
term sheets, 1690.04
Proxies, 2001.03, 2030.02, 2050.01, 2050.02
decentralized autonomous organizations, 5390.04, 5390.08
delegation of management rights, 2050.04
electronic records, 2090.04, 2090.05
pledges of interests, 2050.05
quorum, 1940.06
safe harbors, 2240.02, 3440.04, 5650.04
smart contracts, 5390.04, 5390.08
supermajority requirements, 820.06
upgradeability, C60.06, D20.02
voting agreements, 2050.03
PTET. See Pass-through entity taxes
Pub. L. 119-21 (2025), 410.05, 3901.05
pass-through entity taxes, 4650.02, 4650.05
Public policy, 301.03, 380.03, 380.06, 2301.04, 2380.04, 5650.10
advancement and the covered person's assets, 2380.06
blocking provisions, 1170.06, 1660.06, 4930.02, 4930.05, 4930.06
contract law limits, 380.02
creatures of contract, primarily, 380.01
fraud and federal law, 380.04
indemnification rights and the member's creditors, 2380.05
independent managers, 4930.02, 4930.06
judicial criticism of unlimited contractual freedom, 380.05
limits outside the LLC statute, 2380.01
Revised Uniform Limited Liability Company Act, 2380.03
securities laws, 2380.02
Public registers
United Kingdom, 4870.03
Publicly available identifiers
decentralized autonomous organizations, 5330.10, 5350.04, 5390.02, D20.01
electronic records, 5320.05
smart contracts, 5320.05, 5390.02
statements of management (DAO), D20.02
Purpose clauses
decentralized autonomous organizations, 5330.08, 5330.11
judicial dissolution, 3230.08, 3230.15
oppression, 3250.02
Push-out elections, 4470.06, 4470.08, 4480.01, E01.03, E20.04
administrative adjustment requests, 4440.03, 4440.04, 4440.05
centralized partnership audit regime, 4410.03, 4410.05, 4410.06
conformity to federal classification, 4490.01, 4490.04, 4490.05, 4490.06
consistent treatment, 4440.03, 4440.04, 4440.05
partnership representatives, 4430.01, 4430.05, 4430.06
push-out as the default answer, 4480.05
reviewed year, 4460.02, 4460.06, 4460.07
TEFRA, 4410.03, 4410.04, 4410.05, 4410.06
two-tier structures, 4460.01, 4460.02, 4460.03, 4460.04, 4460.05, 4460.06, 4460.07
Q
QBI deduction. See Section 199A
QSSTs. See Qualified subchapter S trusts
Qualified income offset, 1301.03, 1490.01
capital accounts, 1470.03, 4070.05, 5630.03
deficit restoration obligations, 1350.01, 1350.02, 1350.03, 1350.04, 1350.05, 1350.06
depreciation and recapture, 4070.05
revaluations, 1350.01, 1350.02, 1350.03, 1350.04, 1350.05, 1350.06
Quorum, 790.05, 1890.01, 1890.06, 1901.04, 2030.02, 5290.04
contested elections and votes, 1930.08, 2060.04
decentralized autonomous organizations, 5330.11, 5340.10, 5390.05, 5390.08
dual fiduciaries, 1930.06, 1930.08, 5220.01, 5640.05
electronic records, 2090.04, 2090.05
proxies, 1940.06
record dates, 2030.05
recordkeeping, 1940.07, 2030.06
smart contracts, 5390.05, 5390.08
written consents, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.06, 1940.07, 1940.08, 5640.08
R
Absalom decision, 2940.07
authority to file bankruptcy, 4920.07
consequences of an unauthorized act, 1870.01
deadlock, 5660.02
defective acts, 640.08, 850.01, 850.02, 850.03, 850.04, 850.05, 2940.08
duty of loyalty, 2140.05
effective date of formation, 730.06
estoppel, 850.01, 850.02, 850.03, 850.04, 850.05, 850.06
legislative amendments to Delaware LLC Act, 240.05, B10.01
Revised Uniform Limited Liability Company Act, 850.06, 1870.06, 2420.06
self-dealing, 2140.05
transfer restrictions, 2940.04, 2940.07, 2940.08
void and voidable acts, 1870.04
void provisions and the statute, 1870.05
Ratification of defective acts. See Defective acts
Real estate. See Real estate LLCs
Real estate funds, 5260.02
carried interest, 1560.02, 1560.05, 1560.07
Real estate LLCs, 1840.03, 5101.03, 5110, 5120, 5130, 5160, 5160.07, 5170, 5680.09
at-risk rules, 4060.03, 4060.04
beneficial-ownership reporting, 4860.04
carried interest, 5170.06
choice of entity, 480.05
custodians, 3840.08
defaulting members, 5160.03, 5160.04
family offices, 2470.07
FATCA, 4680.04
Pennsylvania, 5130.04
promotes, 5170.06
receivers, 3840.08
rental activities and real estate professionals, 4060.08
residential real estate reporting rule, 4860.04
Section 199A, 4560.04
single asset real estate, 4910.06
sponsors and investors, 2470.07, 5160.01, 5160.06, 5160.08
See also Like-kind exchanges; Nonrecourse carve-outs
Real estate transfer taxes, 4290.02
property tax reassessment, 5130.02, 5130.03, 5130.04, 5130.05, 5130.06, 5130.07, 5130.09, 5130.10
Reasonable compensation, 2710.04, 4370.01, 4370.03
guaranteed payments, 4540.07, 4550.03
related considerations, 4370.05
setting the salary, 4370.04
tax payments under charging orders, 1460.02, 5440.10
two-percent shareholders, 4370.06
Watson decision, 4370.02
certificates of cancellation, 2560.07, 3380.01, 3380.02, 3380.03, 3380.04, 3380.05, 3380.06, 3380.07, 3380.08, 3380.09, 3380.10, 3380.11, 3380.12, 3840.04
claims procedures on dissolution, 3380.12
custodians, 3840.01, 3840.02, 3840.05, 3840.06, 3840.07, 3840.08, 3840.09
Delaware, 3840.02
Florida, 3840.06
judicial dissolution, 3840.03
liquidating trustees, 3840.01, 3840.03, 3840.07, 3840.08, 3840.09
post-dissolution claims, 2560.07, 3840.04
Reinz decision, 3380.02
Revised Uniform Limited Liability Company Act, 3340.08, 3840.05
Receivers and custodians. See Receivers
Recharacterization of debt
carried interest, 1560.05, 1560.06, 5170.06
equitable subordination, 1380.04
member loans, 1370.05, 1370.07, 1380.01, 1380.02, 1380.03, 1380.04, 1380.06, 5620.08
mezzanine financing, 1660.03, 1660.05, 5150.08
net investment income tax, 4570.04
passive activity losses, 4570.04
preferred interests, 1660.03, 1660.05, 5150.08
Recognition of foreign judgments, 2730.01, 5570.01
fraudulent transfers, 5440.11, 5570.03
Recordkeeping
books and records, 2080.06, D60.02
electronic and informal records, 3640.06
minutes and records of action, 2030.06
quorum, 1940.07
written consents, 1940.07
Redemptions, 3050.04
buy-sell agreements, 3050.09, 4330.09, 5660.05
clawbacks, 1480.03
Connelly decision, 3050.03, 3050.06
creditor protection, inside and outside, 5530.04
cross-purchase and hybrid agreements, 3030.01
decentralized autonomous organizations, C60.07
Delaware, 1650.03
distribution limits, 1410.05, 1650.03, 1650.07
hot assets, 4190.07
life insurance funding, 3050.03
liquidity planning, 1690.03
mandatory redemption, 1650.01, 1650.02, 1650.04, 1650.05, 1650.06, 1650.07, 1650.08
payments to retiring members, 3090.02, 4160.08
Revised Uniform Limited Liability Company Act, 1480.04, 1650.04
term sheets, 1690.03
transfer restrictions, 4330.09, 5530.04
waterfalls, 1480.01, 1480.02, 1480.03, 1480.04, 1480.05, 1480.06
Reference statutes, 101.05, 201.03, 290.01, 290.06, 290.09, 5601.03
choice of jurisdiction, 290.02
Delaware, 290.08
Florida, 290.05, 290.08, 4610.05
internal affairs doctrine, 290.03
limits of the formation statute, 290.04
mandatory rules, 290.07
Regarded purposes, 4201.02, 4201.04, 4230.08
check-the-box regulations, 150.07, 3910.07
employment taxes, 430.05, 930.02, 2850.01, 2850.02, 2850.03, 2850.04, 2850.05, 2850.06, 3980.03, 4230.02, 4230.04
excise taxes, 930.03, 3980.04, 4230.06
S corporations, 430.05
trust fund recovery penalty, 2850.01, 2850.02, 2850.03, 2850.04, 2850.05, 2850.06
Registered agent liability, 690.05, D60.01
administrative dissolution, 3320.06, 3320.12
registered agents, 520.06, 630.03, 630.04, 630.07, 4850.02
registered office, 630.03, 630.04, 630.07
Revised Uniform Limited Liability Company Act, 3320.06, 3360.03
Registered agents, 630, 670, 1240.04, 3620.10, 4850.02, 5420.02, D60.01, D60.03
administrative dissolution, 670.06, 3320.06
certificate of formation, 610.02, 610.04, D10.02, D10.03, D30.02
certificates of cancellation, 670.03
decentralized autonomous organizations, 5320.04, D20.03
Delaware franchise and annual tax, 520.01, 520.06
Delaware Limited Liability Company Act, 320.05
foreign LLCs, 3740.04, 3740.05, D20.03
mandatory rules, 320.05
registered agent liability, 630.04
registered office, 630.01, 630.02, 630.03, 630.04, 630.05, 630.06, 630.07, 5610.08
Revised Uniform Limited Liability Company Act, 670.06, 3320.06
revival and reinstatement, 670.03
statements of management (DAO), D20.02
upgradeability, D20.02
Wyoming DAO Supplement, 5320.04
Registered office, 530.04, 601.04, 3620.10
certificate of formation, 610.02, 610.04, 780.05, C70.05, D10.02, D10.03
decentralized autonomous organizations, D20.01, D20.03
Delaware, 610.04, 670.05, B20.01
drafting process, 5610.08, 5610.13
mandatory rules, 320.05, 320.08, B20.01
registered agent liability, 630.04
registered agents, 320.05, 630.01, 630.02, 630.03, 630.04, 630.05, 630.06, 630.07, D10.02, D10.03
Registered series, 1010.04, 1030.02, 1030.03, 1030.06, 1030.07, 1040.02, 1040.05, D10.07
2018 amendments, 1030.01
certificates of cancellation, D10.04
consolidations, 1070.07, 3420.09
contracts with third parties, 1090.04
Delaware, 590.04, 660.02, 3410.02, 4620.09, A20.01, A60.01, B10.01, E50.01
Delaware franchise and annual tax, 660.02, 1030.04
Delaware Limited Liability Company Act, 240.05
good standing, 1030.04, D80.02
interest exchanges, 3420.09
legislative amendments to Delaware LLC Act, 240.05, B10.01
Revised Uniform Limited Liability Company Act, B80.01
secured lending, 1030.05
Uniform Protected Series Act, A20.01, B80.01
winding up, D10.04
Wyoming, 1050.06
Wyoming LLC Act, 1050.06
Regulation A
Regulation Crowdfunding, 4750.01, 4750.02, 4750.03, 4750.04, 4750.05, 4750.06
Regulation D, 4740.01, 4750.06, 4790.07
Rule 144 and resales, 4750.01, 4750.02, 4750.03, 4750.05
Rule 701, 4750.04
Regulation Crowdfunding
Regulation A, 4750.01, 4750.02, 4750.03, 4750.04, 4750.05, 4750.06
Regulation D, 4740.01, 4750.06, 4790.07
Rule 144 and resales, 4750.01, 4750.02, 4750.03, 4750.05
Rule 701, 4750.04
Regulation D, 4740.03, 4790.07
accredited investors, 4740.04, 4740.05
bad actor disqualification, 4740.09, 4790.04
broker-dealer registration, 4770.01, 4770.07
Investment Company Act, 4760.03, 4760.05
registration requirement, 4740.01
Regulation A, 4750.01, 4750.06
Regulation Crowdfunding, 4750.01, 4750.06
Rule 144 and resales, 4740.10
Rule 504, 4740.08
Rule 506(b), 4740.06
Rule 506(c), 4740.07
Section 4(a)(2), 4740.02
Reincorporation, 3780.03
Delaware, 240.07, 3450.08, A40.04
Delaware forum reliability, 240.07, 540.06, 5560.06
Texas, 540.06
Reinstatement. See Revival and reinstatement
Removal of managers, 3190.08
drafting process, 5610.10, 5610.12
Revised Uniform Limited Liability Company Act, 1740.02, 1740.06
Reporting companies, 4830.07, 4840.08, 4890.04
beneficial owners, 4820.08, 4840.06
beneficial-ownership reporting, 680.02, 680.03, 4840.02, E60.04
Corporate Transparency Act, 4810.02, 4810.05, 4810.06, 4810.08, 4810.09
broker-dealer registration, 4770.01, 4770.02, 4770.03, 4770.04, 4770.05, 4770.07, 4770.08
buy-sell agreements, 4770.05
controlling members, 4770.06
Delaware, 240.07
Delaware forum reliability, 240.07
rescissory damages, 2480.03, 3850.01, 3850.02, 3850.03, 3850.04, 3850.05, 3850.06, 3850.07, 3850.08
Revised Uniform Limited Liability Company Act, 3330.04
Rule 10b-5, 4770.04
Section 4(a)(2), 4770.03
securities control-person liability, 4770.01, 4770.02, 4770.06, 4770.07, 4770.08
Rescissory damages, 2480.03, 3850.01, 3850.06, 3850.07
contractual limits on rescission, 3850.04
election of remedies, 3850.08
rescission of an investment, 3850.03
rescission of company transactions, 3850.05
restoring the status quo, 3850.02
Reserved matters
Delaware, 1740.03
Delaware Limited Liability Company Act, 1740.03
protective provisions, 1860.04, 5160.02, 5220.02, 5640.07, 5640.10
Resignation of members. See Withdrawal of members
Responsible persons. See Trust fund recovery penalty
Restrictive covenants. See Non-competition covenants
Return of capital, 1490.01
distributee liability, 3370.03, 3370.08
liquidation preferences, 1620.02, 1620.04
manager-managed LLCs, C20.03, C20.08
preference actions, 1620.02, 1620.04
preferred returns, 1690.02, 4330.06
Revised Uniform Limited Liability Company Act, 1420.05, B40.01
Rev. Rul. 2004-59, 3480.06
Revaluations, 1301.03, 1360.06, 1490.01, 1590.06, 5630.05
capital accounts, 1340.06, 4080.08, 4330.04
catch-up provisions, 1550.01, 1550.02, 1550.03, 1550.06
deficit restoration obligations, 1350.01, 1350.02, 1350.03, 1350.04, 1350.05, 1350.06
preemptive rights, 1390.05, 1390.06
preferred returns, 1550.01, 1550.02, 1550.03, 1550.06
qualified income offset, 1350.01, 1350.02, 1350.03, 1350.04, 1350.05, 1350.06
Revenue Procedure 2022-19, 4390.08
inadvertent termination relief, 4380.04, 4380.05
retroactive correction under Rev. Proc. 2022-19, 4340.08
Revenue Procedure 93-27, 1590.06
profits interests, 1510.01, 1510.05, 1540.03
safe harbors, 1520.03, 1520.04, 1520.06, 1520.07
Section 83(b) elections, 1540.03, 1540.04, 1540.06
vesting, 1520.06
Revenue Ruling 88-76, 101.03, 4010.04
bulletproof and flexible statutes, 140.03
check-the-box regulations, 150.08, 3910.05
legislative wave, 140.02
limited liability partnerships, 140.07
Model and uniform legislation, 140.06
procedure 95-10, 140.04
single-member LLCs before 1997, 140.05
Wyoming, 140.01
Reverse veil piercing, 570.05, 2670, 2670.01, 2670.02
alter ego, 4940.07
California, 2670.03
conditions for reverse piercing, 2670.06
consolidations, 4940.07
constructive trusts, 970.01
creditor protection, inside and outside, 5520.03, 5520.05, 5520.07
creditors' remedies, 970.01, 970.02, 970.03, 970.04, 970.05, 970.06, 1270.06, 2770.03
Delaware, 2670.04
fraudulent transfers, 970.05
insider reverse piercing, 2670.07
personal use and reverse piercing, 5180.05
piercing and other routes, 5560.03
reverse piercing, 4980.05
statutes preserving the remedy, 2670.05
transferee liability, 4250.05
Wyoming, 4250.05
Reviewed year, 4470.05, 4470.06, 4480.01
administrative adjustment requests, 4440.04, 4440.05, 4440.06
conformity to federal classification, 4490.03, 4490.04, 4490.06
consistent treatment, 4440.04, 4440.05, 4440.06
imputed underpayments, 4450.01, 4450.02, 4450.05, 4450.07, 4480.07
partnership representatives, 4430.05, 4490.03, 5630.07, C20.08
push-out elections, 4460.01, 4460.02, 4460.03, 4460.04, 4460.05, 4460.06, 4460.07, 4480.05, 4490.06, E20.04
terms used in this chapter, 4401.03
two-tier structures, 4460.01, 4460.02, 4460.03, 4460.04, 4460.05, 4460.06, 4460.07
Revised Uniform Act. See Revised Uniform Limited Liability Company Act
Revised Uniform Limited Liability Company Act, 160.03, 210.04, 270.03, 350.08, 650.03, 850.06, 1410.04, 1650.04, 2110.03, 2140.04, 2720.03, 2930.01, 2930.05, 2940.09, 2980.03, 3140.07, 3180.03, 3210.03, 3370.02, 3410.03
administrative dissolution, 670.06, 670.07, 3320.01, 3320.06, 3320.07
alternative remedies to dissolution, 3240.01, 3240.02, 3240.03, 3240.04, 3240.05, 3240.06, 3240.07, 3240.08, 3240.09
appraisal rights, 3430.04, 3430.07
certificate of formation, 610.01, 610.02, 610.05, 610.06, 610.07, 780.06
claims procedures on dissolution, 2560.05, 2560.06, 2880.04, 3360.01, 3360.02, 3360.09, 3390.05, D70.02
classes under the uniform act, 1610.03, 2020.05
Delaware, 2630.06, B20.01, B30.01
derivative claims, 230.10, 3510.02, 3540.03, 3580.05
dissociation, 230.07, 840.03, 2180.01, 2180.05, 3010.04, 3110.04, 3110.08, 3130.01, 3130.05, 3170.01, 3170.09, 3210.03, 3670.04, B60.01
distributee liability, 2880.05, 3370.02, 3370.05
distribution limits, 1410.05, 1430.03, 5630.09, B40.01
duty of loyalty, 230.05, 2140.04, 2140.06, 2420.07, B30.01
Florida, 1220.04, 2740.05, 3360.06, 3670.07
foreclosure of charged interests, 2740.02, 2740.05, 2980.08
good faith and fair dealing, implied covenant of, 330.06, 350.08, 2320.07, 3260.04
information rights, 360.05, 2080.01, 2080.02, 2080.03, 2080.04, 2080.05, 2080.06
judicial dissolution, 230.08, 360.04, 3201.02, 3240.03, 3320.01, A40.01, A40.02, B60.01
manager-managed LLCs, 1710.06, 1920.08, 2010.04, 2080.04, 3670.03, 4920.03, B30.03
mandatory rules, 210.05, 330.01, 330.02, 330.03, 330.04, 330.05, 330.06, B20.01
member-managed LLCs, 2010.03, 2080.02, 3670.02, 4920.02
New York, 2110.06, 2260.05, 3670.08
oppression, 230.08, 3240.01, 3240.02, 3240.05, 3240.06, 3240.07, 3240.08, 3240.09, 3250.04, 3280.04
ratification, 1870.06, 2420.06, 4920.07
redemptions, 1410.05, 1480.04, 1650.04, 1650.07
revival and reinstatement, 670.06, 670.07
Texas, 2110.06, 2930.06, 3360.07, 3670.10
transfers by operation of law, 1240.06, 2980.03, 2980.05, 2980.08
uniform act, 730.03, 760.09, 910.03, 950.05, 1760.04, 2150.02, 2210.06, 2330.03, 2420.05, 2430.07, 2440.08, 2510.03, 2960.02, 3120.04, 3530.05
winding up, 2180.05, 2560.05, 2560.06, 2950.09, 3301.02, 3340.04, 3340.05, 3340.08, 3390.05
Revival. See Revival and reinstatement
Revival and reinstatement, 601.04, 690.05, 1240.04
administrative dissolution, 670.01, 670.02, 670.04, 670.05, 670.06, 670.07, 670.08, 3320.04, 3320.05, 3320.11, 3320.12
certificates of cancellation, 640.07, 670.02, 670.03, 670.04, 3320.05
claims procedures on dissolution, 3390.04, 3390.05
registered agents, 670.03
Revised Uniform Limited Liability Company Act, 670.06, 670.07
Rights of first refusal, 3070.01, 3070.05, 3070.09, 3070.10, 3090.07, 3090.09
executory contracts, 4960.05, 4960.06
preemptive rights, 3070.06
Revised Uniform Limited Liability Company Act, 2910.06, 2990.07
RMI. See Marshall Islands
ROFO. See Rights of first offer
ROFR. See Rights of first refusal
Rule 10b-5
broker-dealer registration, 4770.01, 4770.02, 4770.03, 4770.04, 4770.05, 4770.07, 4770.08
buy-sell agreements, 4770.05
controlling members, 4770.06
Regulation D, 4740.03, 4750.06, 4790.07
Section 4(a)(2), 4770.03
securities control-person liability, 4770.01, 4770.02, 4770.04, 4770.06, 4770.07, 4770.08
Rule 144 and resales
Regulation A, 4750.01, 4750.02, 4750.03, 4750.04, 4750.05, 4750.06
Regulation Crowdfunding, 4750.01, 4750.02, 4750.03, 4750.05
Regulation D, 4740.10, 4750.06
Rule 701, 4750.04
Regulation A, 4750.01, 4750.02, 4750.03, 4750.04, 4750.05, 4750.06
Regulation Crowdfunding, 4750.01, 4750.02, 4750.03, 4750.04
Regulation D, 4740.01, 4750.06, 4790.07
Rule 144 and resales, 4750.05
RULLCA. See Revised Uniform Limited Liability Company Act
Russian roulette clauses. See Shotgun clauses
S
S corporations, 430, 430.02, 3960.07, 4220.03, 4220.09, 4310, 4310.01, 4310.04, 4320, 4330, 4340, 4350, 4360, 4380, 4390, 4390.05, 5680.08, C50.01, C50.02, C50.03
accumulated adjustments account, 4360.01, 4360.03, 4360.05, 4360.07
beneficial-ownership reporting, 680.07
check-the-box regulations, 150.04, 680.07, 3960.06, 3960.09, 4310.02, D40.03, E10.01
comparison with partnership taxation, 430.04
conversion as a planning event, 4310.07
conversion of an existing partnership LLC, 4310.06
distributions that differ in timing, C50.04
effective date of formation, 4310.02
election out of the audit regime, 4420.03, 4420.04, 4420.05, 4420.08
eligible shareholders, C50.05
employment taxes, 430.05
F reorganizations, 4390.03
inadvertent termination relief, 4380.04, 4380.05
late classification elections, 3960.08, 4310.05
one class of stock, 430.03, 4330.01, 4330.05
partnership representatives, D40.03
qualified subchapter S trusts, 4320.08
regarded purposes, 430.05
rider E, C50.06
sale of units, 4390.01
Section 338(h)(10) and section 336(e) elections, 4390.02
Section 704(c), 4360.04, 4360.05, 4360.07
shareholder basis, 4350.01, 4350.04, 4350.06, 4350.07, 4350.08
shareholder consent, 4310.03
state law, 430.07
trust shareholders, E10.03
See also One class of stock
Safe harbors, 390.04, 1020.03, 1520.02, 1520.04, 2290.02, 2440.03, 3060.04, 3440.07
conflicts committees, 1950.03, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06
contractual standards, 340.05, 2230.03, 2240.01, 2240.02, 2240.03, 2240.04, 2240.05, 2240.06, 5650.04
Delaware forum reliability, 240.07, 540.04
disclosure as the foundation of cleansing, 2460.01
dual fiduciaries, 5230.06
elimination of fiduciary duties, 340.01, 340.05, 340.09
good faith and fair dealing, implied covenant of, 3440.04
liquidation value, 1530.02
practice of protective elections, 1520.07
Revenue Procedure 93-27, 1520.03, 1520.06
Revised Uniform Limited Liability Company Act, 340.09, 1290.05
safe-harbor lists, 1220.03
services in a partner capacity, 1520.05
statutory silence, 1520.01
vesting, 1520.06
Sales of interests (tax), 4101.02, 4290.06
hot assets, 2990.01
net investment income tax, 4580.01, 4590.04
Sales to grantor trusts
grantor trusts, 5080.04
SALT cap. See SALT deduction limitation
SALT deduction limitation
California, 4650.08
New York, 4650.06
pass-through entity taxes, 4650.01, 4650.02, 4650.03, 4650.04, 4650.05, 4650.06, 4650.07, 4650.08, 4650.09, E30.05
Schedules of members, 1590.06, 3620.01, C70.01, C70.06, D30.05, F20.04, F30.02, F40.03, F50.03
joinder agreements, C70.02, D50.02
manager-managed LLCs, C20.08
partnership representatives, C20.08
Section 1031. See Like-kind exchanges
Section 1202, 170.06, 401.02, 420.08
§ 1202 question in practice, 420.07
2025 changes to § 1202, 420.06
choice of entity, 480.03, 480.04
qualified small business stock, 4390.06
Section 1402(a)(13). See Limited partner exclusion
Section 1446 withholding, F50.04
effectively connected income, 4670.03, 4670.04
Form 1099 reporting, E60.01, E60.04
GmbH, 4670.06
withholding, 2990.04, 4190.03, 4190.04, 4190.05, 4190.06, 4670.03, 4670.06, E60.01
Section 1446(a). See Section 1446 withholding
Section 18-109. See Personal jurisdiction
Section 18-110. See Contested elections and votes
Section 18-1101. See Freedom of contract
Section 18-215. See Protected series
Section 18-217. See Divisions
Section 18-218. See Registered series
Section 18-305. See Books and records
Section 18-703. See Charging orders
Section 18-802. See Judicial dissolution
Section 18-804. See Claims procedures on dissolution
Section 199A, 4390.07, 4550.02, 4550.05, 4560.06, 4560.07
aggregation of trades or businesses, 4560.03, E30.04
employment taxes, 4580.02
figures that change in later years, E70.02
guaranteed payments, 4550.03, 4560.01, 4580.04
net investment income tax, 4501.03, 4570.08, 4590.04
payroll and employee status of members, 4550.04
permanence and the 2025 amendments, 4550.01
rental real estate, 4560.04
S corporations, 430.06, 4560.02
self-employment tax, 4540.05, 4560.01, 4580.02, 4580.04
separating specified services from other activities, 4560.05
specified service trades or businesses, 4550.06
Section 2701, 5050.02
Section 2704, 690.05, 1840.02, 5050.05, 5050.06
buy-sell agreements, 3110.05
Section 4(a)(2)
broker-dealer registration, 4770.03
Regulation D, 4740.01, 4740.03
securities control-person liability, 4770.03
Section 6221(b). See Election out of the audit regime
Section 6226. See Push-out elections
Section 704(c)
accumulated adjustments account, 4360.04, 4360.05, 4360.07
built-in gains tax, 4360.04
built-in loss property, 4020.07
claims procedures on dissolution, 4140.02, E20.05
contributed and revalued property, 1470.06
depreciation and recapture, 4080.03, 4080.04
mixing-bowl rules, 4140.02, 4140.03
Section 734(b) adjustments
current distributions, 4120.02, 4150.07
distributee liability, 4150.05
liquidating distributions, 4150.04, 4150.05, 4150.06, 4150.07
Section 743(b). See Section 754 elections
Section 754. See Section 754 elections
Section 754 elections, 4170.09, F50.04
§ 754 election, E20.01
basis, 2990.03, 3090.03, 5080.02, 5080.03, 5080.05
grantor trusts, 5080.05
payments to retiring members, 3090.02, 4160.08
redemptions, 3090.02, 4160.08, 4190.07
Section 83(b) elections, 1501.04, 1590.05, 1590.06, 4020.03, E01.03
§ 83(b) election, E30.01
83 framework, 1540.01
acceleration and vesting events, 1540.06
capital interests, 1510.03, 1510.05, 1540.02
carried interest, 1560.01, 1560.03
equity compensation, 4330.07, 4340.05
Fields decision, 1540.02
forfeiture allocations, 1540.05
profits interests, 1510.03, 1510.05, 1540.03, 4330.07
proposed regulations, 1530.01
protective election, 1540.04
Securities control-person liability
broker-dealer registration, 4770.01, 4770.02, 4770.03, 4770.04, 4770.05, 4770.06, 4770.07, 4770.08
buy-sell agreements, 4770.05
controlling members, 2870.03, 4770.06
environmental liability, 2870.03, 2870.04
Rule 10b-5, 4770.01, 4770.02, 4770.04, 4770.07, 4770.08
Section 4(a)(2), 4770.03
Securities law, 1580.02, 4710, 4730, 4760, 4770, 4780, 4790
decentralized autonomous organizations, 4780.01
equity compensation, 1580.03
Investment Advisers Act, 4760.06
Investment Company Act, 4760.01, 4760.02, 4760.03, 4760.04, 4760.05, 4760.06, 4760.07
legends, 4790.03
preemptive rights, 1390.04
public policy, 2380.02
range of alternatives, 1580.01
Rule 701, 1580.05
SEC DAO Report, 4780.01
Section 409A, 1580.04
transfer restrictions, 4790.03
See also Howey test
Self-dealing, 1970.01, 2101.04, 2401.02, 2410.01
contractual standards, 2230.06, 2430.05
controlling members, 1750.01, 2410.08
default duties, 2190.05, 2430.01
Delaware, 2140.02, 2430.01, 2430.08
derivative claims, 3520.07, 3570.08
duty of loyalty, 2140.01, 2140.03, 2140.04, 2140.05, 2140.06
entire fairness, 2140.01, 2140.02, 2140.03, 2140.06, 2430.02
good faith (contractual), 2230.06, 3140.04
ratification, 2140.05
Revised Uniform Limited Liability Company Act, 2140.04
Self-employment tax, 4501.02, 4510, 4520, 4530, 4540, 4560, 4570, 4580, 4590
employment taxes, 430.05, 930.02, 1770.05, 4230.03, 4510.01, 4510.02, 4510.03, 4510.04, 4510.05, 4510.06, 4510.07, 4510.08, 4580.02
guaranteed payments, 4510.06, 4540.07, 4560.01, 4580.04
limited partner exclusion, 4520.07, 4540.01, 4540.02, 4540.04, 4540.05, 4540.06
manager-managed LLCs, 4540.03
material participation, 4570.08
member-managed LLCs, 4540.02
net investment income tax, 4570.04, 4570.06, 4570.08, 4590.04
New York, 5130.02
property tax reassessment, 5130.02
regarded purposes, 430.05, 930.02
S corporations, 430.04, 430.07
Section 199A, 4560.01, 4560.06, 4580.02, 4580.04, 4590.04
sponsors and investors, 4540.03, 4540.04, 4540.07
See also Limited partner exclusion
Separate legal entity
bona fide owners, 3920.06
entity and shield, 5450.04
Federal law decides, 3920.01
separate entity, threshold question, 3920.02
spousal consents, 3920.04
tenancy in common, 3920.03
tribal entities, 3920.05
Separateness covenants, 920.04, 2790.04
consolidations, 4940.02, 4940.03
corporate separateness of subsidiaries, 370.06
formalities, 5540.08
intercompany agreements, 5280.02
special-purpose entities, 1170.02
Texas, 940.07
Wyoming, 5540.08
Series, bankruptcy of, 1090.02
Series LLCs, 5680.06
foreign series, 1060.07
Uniform Protected Series Act, 1060.07
See also Protected series; Registered series
Series, protected. See Protected series
Series, tax classification of, 1010.05
Service of process
contested elections and votes, 1920.07
decentralized autonomous organizations, 5370.07, D20.03
Delaware, 3740.05, 3790.03, D10.06
divorce, F70.02
foreign LLCs, 1210.05, 3740.04, 3740.05, 3740.08, D20.03
process and injunctions, 1230.06
Services as contributions, 4001.04
Settlement of derivative claims
defendants' fees, 3570.06
derivative claims, 3570.04, 3570.05, 3570.08
fee shifting, 3570.07
problem of the controlled company, 3570.02
recovery belongs to the company, 3570.01
Texas, 3570.03
Severability, 801.03, 880.01, 880.02, 880.03, 5690.03
arbitration, 880.05
counterparts and electronic signatures, 880.06
electronic records, 880.06
forum selection, 880.05
governing-law clauses, 880.04
Sham. See Veil piercing
Shoot-out clauses. See Shotgun clauses
Shotgun clauses, 3001.03, 3090.07
appraisal waivers, 3080.06
deadlock, 3020.08, 3090.06, 3270.06, 3270.10, 3290.03, 5660.09, 5660.10
drag-along rights, 3080.01, 3080.02, 3080.03, 3080.04, 3080.05, 3080.06, 3080.07, 3080.10
good faith and fair dealing, implied covenant of, 3080.08
minority members, 3080.09, 3280.04
tag-along rights, 3080.01, 3080.02, 3080.03, 3080.04, 3080.05, 3080.07, 3080.08, 3080.09, 3080.10
Side letters, 701.04, 801.03, 870.03, 890.05, 4390.08, 5260.06, 5690.08
admission without signature, 870.02
certificate of formation, 780.01, 780.02, 780.03, 780.04, 780.05, 780.06, 780.07
drafting process, 5610.01, 5610.12
integration clauses, 870.04, 870.05, 5690.02
one agreement, several documents, 870.01
order of precedence, 870.06
Revised Uniform Limited Liability Company Act, 780.06, 890.01
Single business enterprise. See Enterprise liability
Single-member LLCs, 570.03, 750.05, 910, 910.05, 920, 920.01, 940, 940.03, 950, 960, 970, 980, 990, 1780.03, 4660.06, 4970.02, 4970.04, 4990.04, 5090.03, 5680.05
Albright decision, 960.02, 4970.01
becoming a member, 2920.09
California, 4660.07
charitable planning, 1160.02
Co-members change the analysis, 4970.07
creditor protection, inside and outside, 5510.04
creditors' remedies, 950.06, A30.03
Delaware Limited Liability Company Act, 910.02, C10.05
elective classification changes, 3970.07
employment taxes, 4510.04
exclusive remedy, A30.01
Florida, 160.07, 570.04, 950.03, 950.04, 950.07, 1270.04, 2720.05, 2740.06, 3760.02, 4970.06, 5180.04, 5510.04, 5510.05, A30.03, C40.04
Florida Revised LLC Act, 160.07, 950.03, 1270.04, 3760.02, 4970.06, C40.04
foreclosure of charged interests, 950.04, 950.06, 2720.05, 2740.05, 2780.04, 3180.07, B50.02
foreign LLCs, 570.04, 2740.06, 5180.04, 5510.05
independent managers, 1170.05, C10.03, C10.05
loss of the last member, 980.01, 3180.04, 3180.07
multi-member structuring, 790.11, 990.03
nonprofit LLCs, 1160.02
Revenue Ruling 88-76, 140.05
Revised Uniform Limited Liability Company Act, 910.03, 950.05, 2740.05
self-employment tax, 4510.04
single member and single owner, 910.06
single-member agreement, 710.06
single-member case, 3330.06
single-member problem, 2760.01
special-purpose entities, 960.05, 1170.05, C10.03
transfer of the sole member's interest, 920.05
Uniform act charging order provision, A30.01, B50.01
winding up, 3390.02
Wyoming, 950.07, 2620.08, 5540.04
See also Disregarded entities
Sixty-month limitation, 3960.05, 3990.09
check-the-box regulations, 150.04, 680.07, 3960.06, 4260.04, 4280.04, 4310.02, E10.01
default classification, 3950.06, 4280.04, 5480.02
Smart contracts, 5301.02, 5320.06
algorithmic management, 5330.04, 5330.05, 5330.07, 5330.09
articles of organization, C60.06
blockchain, 5320.05
decentralized autonomous organizations, 5310.01, 5320.07, 5320.08, 5330.04, 5330.09, 5330.11, 5340.03, 5340.07, 5350.04, 5350.05, 5360.05, 5390.01, 5390.02, 5390.03, 5390.04, 5390.05, 5390.06, 5390.07, 5390.08, 5680.07, C60.02, C60.07
electronic records, 5320.05
redemptions, C60.07
statements of management (DAO), 5390.03, C60.02, D20.02
upgradeability, 5330.05, 5390.04, 5390.07, 5390.08, C60.06, D20.02
Smart-contract upgrades. See Upgradeability
SMLLCs. See Single-member LLCs
Solvency analysis, 5140.08
Michigan, 5140.05
solvency test, B40.03
springing recourse, 5140.04
tax distributions, 1450.04
South Dakota, 501.03, 560.04, 560.06, 570.02, A60.08
alter ego, 560.02
choice of jurisdiction, 2790.02, F10.02
creditor protection, inside and outside, 5510.02, 5530.06
creditors' remedies, 950.06, A30.02
directed trusts, 560.04
exclusive remedy, 5510.02, A30.01
foreclosure of charged interests, 950.06, 2720.05
Nevada, 560.01, 560.02, 560.03
Revised Uniform Limited Liability Company Act, A10.01, A10.02, B90.01
Texas, 560.05
Uniform Limited Liability Company Act (1996), 220.01, 220.04, A10.01, B01.02, B90.01
Special litigation committees, 3501.03, 3550.07
applying the test to LLCs, 3550.03
California, 3550.05
conflicts committees, 1950.07
demand futility, 3550.02
derivative claims, 230.10, 360.06, 3510.03, 3550.01, 3550.06, 3580.05, 3580.07, 3590.05
Florida Revised LLC Act, 3550.09
independent managers, 1950.07
mandatory rules, 330.02, B20.02
pleading standards, 3550.05, 3590.05
Revised Uniform Limited Liability Company Act, 230.04, 230.10, 330.02, 3550.08, 3550.09, 3580.02, B10.02
Texas, 3550.06
universal demand, 3550.04
Zuckerberg test, 3550.02
Special-purpose entities, 170.02, 1101.04, 1170, 1170.01, 1190
bankruptcy-remote entities, 5550.05
bankruptcy-remote LLCs, 4990.02
bankruptcy-remote single-member LLCs, 960.05
benefit LLCs, 1190.04
blocking provisions, 1170.06, 4930.01
conflicts committees, 1950.01, 1950.02
drafting for foundation and exempt investors, 1190.03
drafting the bankruptcy-remote LLC agreement, 1190.05
independent managers, 1170.03, 1170.04, 1170.05, 1950.01, 1950.02, 3180.05, 4930.01, C10.03
loss of the last member, 3180.05
professional LLCs, 1190.02
public policy, 1170.06
separateness covenants, 1170.02
special-purpose variants, 160.05
special-purpose vehicles, 5260.05
sponsors and investors, 5260.05
statutory form or general LLC, 1190.01
Specific performance, 890.04, 1310.05, 3030.07, 3070.10, 3090.07, 3801.05, 3830.01, 3830.02, 3830.06, 5670.08
admission and transfer, 3830.09
arbitration, 860.05, 3770.03, 3790.05
balance of equities, 3830.05
capital accounts, 3830.10
capital calls, 1330.07, 5160.03
drag-along rights, 3830.07
good faith and fair dealing, implied covenant of, 2250.06, 3260.01, 3260.07
information rights, 3830.10
interim relief, 3810.05, 3810.06, 3890.05, 3890.06
protective provisions, 3830.08
ready, willing and able, 3830.04
Revised Uniform Limited Liability Company Act, 890.01, 3130.02
tag-along rights, 3830.07
valid and definite contract, 3830.03
Specified service trades or businesses
aggregation of trades or businesses, 4560.03, E30.04
Section 199A, 4550.05, 4550.06, 4550.07, 4560.03, 4560.05, 4560.06, 4560.08, 4580.04, E30.04
SPEs. See Special-purpose entities
Sponsors and investors, 1010.05, 2201.02, 5140.08, 5201.03, 5260.02
affiliate fees and conflicts, 5160.08
catch-up provisions, 1630.03
clawbacks, 1480.03, 1640.01, 1640.02
controlling members, 1750.01, 2120.07, 2410.08
European and American waterfalls, 1630.04
family offices, 2470.07
guaranteed payments, 4540.07
Howey test, 4720.04, 4720.07, 4730.09
investment funds and sponsors, 2470.02
limited partner exclusion, 4540.03, 4540.04, 4540.07
manager-managed LLCs, 4540.03
opportunities in LLCs managed by sponsors, 2150.03
portfolio companies, 1980.02
portfolio conflicts, 2410.06
removal of the sponsor, 5160.06
self-employment tax, 4540.04
waterfalls, 1480.03, 1630.01, 1630.02, 1630.03, 1630.04, 5630.08
Spousal consents, 3090.07, 4220.07, 5690.05, C70.03
community property LLCs, 5090.04
divorce, 2980.04, 2980.05, 3020.04, 5090.05, D50.03, F70.05
incapacity, 3160.03
joinder agreements, D50.02
pledges of interests, D50.04
Revised Uniform Limited Liability Company Act, 2980.05
separate legal entity, 3920.04
Texas, 2980.04
Uniform Commercial Code Article 8, D50.01, D50.02, D50.03, D50.04
SSTB. See Specified service trades or businesses
St. Kitts and Nevis. See Nevis
State taxation, 4290.02, 4620.01
California, 4620.02
come taxes, 4290.01
Delaware franchise and annual tax, 520.07
District of Columbia, 4620.07
Florida, 4620.10
Illinois, 4620.05
Nevada, 4620.08
New York, 4620.06
regarded purposes, 2850.06
state taxes, 930.05
Tennessee, 4620.04
Texas, 4620.03
transfer taxes, 3480.09
trust fund recovery penalty, 2850.06
Wyoming, 4620.10
Statements of management (DAO), C70.06
algorithmic management, 5330.01, 5330.03, 5330.09, 5330.10
decentralized autonomous organizations, 5330.01, 5330.10, 5330.11, 5380.01, 5390.02, 5390.03, 5390.08, C60.02, D20.01
smart contracts, 5330.09, 5390.02, 5390.03, 5390.08, D20.02
Status quo orders. See Injunctions
Statutes of frauds
statute of frauds, 1320.03
Statutory interpretation, 201.03
Statutory trust. See Statutory trusts
Statutory trusts, 401.02, 401.04, 460, 460.03, 460.04, 3930.01, 3930.06, 5110.08, 5190.04
business trusts, 110.05, 3930.03
choice of entity, 480.02, 480.05
Delaware, 460.01, 3410.02, 3930.05, 5110.07
Federal income tax, 460.05
liability and contractual freedom, 460.02
like-kind exchanges, 460.06
Subchapter K. See Partnership taxation
Subchapter S. See S corporations
Subject-matter jurisdiction, 540.01, 2350.06, 3710.02, 3710.04, D60.03
arbitration, 3720.08, 3750.02, 5670.07
Court of Chancery, 3710.01
Court of Chancery and juries, 3710.06
Delaware, 180.03, 3701.04, 3710.07, 3790.03
Elf Atochem decision, 180.03, 3710.03
equitable jurisdiction outside the statutory grants, 3710.05
foreign LLCs, 3710.07
Substantial economic effect, 1470.04, 4070.03, 4070.07, 4070.08
capital accounts, 1340.02, 1470.03, 1680.08, 4070.05, 4330.04, 5630.03
deficit restoration obligations, 1350.03, 1350.05, 1350.06
economic effect equivalence, 4070.06
qualified income offset, 1350.03, 1350.05, 1350.06, 4070.05
Section 199A, 4560.01, 4590.04
statutory rule, 1470.02, 4070.01
Substantive consolidation, 2601.03, 4990.07
alter ego, 4940.01, 4940.02, 4940.07
bankruptcy of a member, 2680.04
consolidations, 1070.07, 2650.05, 2680.01, 2680.02, 2680.03, 2680.04, 4940.01, 4940.02
enterprise liability, 2650.05
independent managers, 4930.01, 5150.02
property of the estate, 1070.07
Summary proceedings, 3820.01, 3820.04, 3820.05, 3820.06, 3820.10, D60.03
books and records, 3610.03
combining summary and plenary claims, 3820.07
contested elections and votes, 860.03, 1730.07, 1930.08, 2060.01, 2060.03, 2060.05, 3820.02, 3820.03
contractual displacement, 3820.09
Elf Atochem decision, 3710.03
fee shifting, 3870.05
interim relief, 3810.08, 3890.05, 3890.06
member status, 3820.08
subject-matter jurisdiction, 3710.03
Supermajority requirements, 801.03, 1890.06, 5690.01
amendment of operating agreements, 320.08, 820.02, 890.02
blocking provisions, 2020.04, 4930.10
classes and voting bases, 820.01
consents effective in the future, 820.05
drafting supermajority protection, 820.03
good faith (contractual), C20.09
manager-managed LLCs, C20.02, C20.08, C20.09
partnership representatives, C20.08
protective provisions, 830.02, 1860.04, 1930.04, 2020.04, 5220.02
proxies, 820.06
reserved matters, 1860.04, 5220.02
Revised Uniform Limited Liability Company Act, 890.01, 1740.02, 2910.06, 5120.02
unanimous consent, 3220.03
written consents, 820.04
Supermajority votes. See Supermajority requirements
T
Tag-along rights, 3001.03, 3090.07, 5250.05, 5290.04, F30.02
appraisal waivers, 3080.06
buy-sell agreements, 3830.07
deadlock, 5660.04
drag-along rights, 3080.01, 3080.02, 3080.03, 3080.04, 3080.05, 3080.06, 3080.07, 3080.10, 3830.07, 5660.04
good faith and fair dealing, implied covenant of, 3080.08
minority members, 3080.09, 3280.02, 3280.04, 3290.05
shotgun clauses, 3080.01, 3080.02, 3080.03, 3080.04, 3080.05, 3080.07, 3080.08, 3080.09, 3080.10
See also Drag-along rights
Tax distributions, 1450, 1450.01, 1450.02, 1490.01, 1490.02, 2750.01, 2750.06, 2750.08, 4340.04, 4390.08, 5470.03, 5630.06, F30.02
agreement cannot change the result, 2750.05
clawbacks, 1640.01, 1640.02, 1640.03, 1640.04, 1640.05, 1640.06
consequence for the member, 2750.09
distribution limits, 1640.03
interaction with the solvency limits, 1450.04
manager-managed LLCs, C20.05, C20.08
Nevis LLC Ordinance, 2750.10, C40.03
one class of stock, 4330.08
payment to the taxing authority, 2750.04
payments required by law, 2750.07
pro rata or targeted, 1450.03
statutory text, 2750.03
tax payments under charging orders, 1460.02, 1460.03, 1460.06
treatise's position, 2750.02
withholding, 1450.05
Tax liens, 2710.06, 2720.01, 4230.07
garnishment and attachment, 4250.03
Tax payments under charging orders, 1401.04, 1460.01, 1460.03, 1490.01
allocations, distributions and tax payments, 5440.10
capital calls, 5420.08
creditor protection, inside and outside, 5520.07
Florida, 570.07, 2790.06, 5520.07
Nevis, 1460.04, 2750.10, 5470.04, 5570.02, 5680.03, C40.03
Nevis LLC Ordinance, 1460.04, 2750.10, 5570.02, 5680.03
tax distributions, 1460.06, 2750.05, 5630.06, C40.03
treatise's position under the American statutes, 1460.02
Wyoming, 570.07
Tax receivable agreements. See Up-C structures
Tax treaties
branch profits tax, 4680.07
FATCA, 4680.02, 4680.03, 4680.04, 4680.05, 4680.06, 4680.07, 4680.08
FDAP withholding, 4680.01, 4680.03, 4680.06, 4680.08
foreign LLCs, 4680.02
withholding, 4680.01
TEE. See Trusted execution environments
TEFRA, 4401.02
centralized partnership audit regime, 4410.01, 4410.02, 4410.03, 4410.04, 4410.05, 4410.06
effective date of formation, 4410.04
Tennessee
decentralized autonomous organizations, 5360.05
franchise taxes, 4620.04
Tennessee DAO statute, 5360.05
financing provisions, 1690.05
liquidity planning, 1690.03
preferred returns, 1690.02
protective provisions, 1690.04
redemptions, 1690.03
tax provisions, 1690.06
Texas, 590.04, 940.07, 1110.04, 1250.07, 1280.05, 2110.06, 2210.04, 2630.04, 2980.04, 3250.06, 3320.11, 3360.07, 3410.05, 3430.05, 3450.08, 3470.06, 3470.09, 3570.03, 3750.10, 4830.03
California RULLCA, 2110.06, 3540.04
choice of jurisdiction, 1250.07, 1280.05
Delaware forum reliability, 240.07, 540.06, 3450.08
Delaware Limited Liability Company Act, 240.07
derivative claims, 3550.06, 3570.03
Florida Revised LLC Act, 3430.05
forum selection, 3750.08, 3750.10
franchise taxes, 3320.11, 4620.03, 4620.10, E50.04
mass tort bankruptcy, 3470.09, 4980.06
proper purpose, 2930.06, 3670.10
registered series, 590.04, 1050.02
Revised Uniform Limited Liability Company Act, 2930.06, 3360.07, 3670.10
South Dakota, 560.05
Texas Business Court, 250.03
Texas Business Organizations Code, 250.03, 560.05, 3250.06, 3410.05, 4980.06
Texas charging order statute, A60.04
Texas franchise tax, 4620.03, 4620.10, A60.04, E50.04
transfers by operation of law, 2980.04, 3540.04
See also Texas Business Organizations Code
Texas Business Organizations Code
Revised Uniform Limited Liability Company Act, 1220.04, 2930.06, 2930.09
Texas shoot-out. See Shotgun clauses
Third-party releases
Purdue decision, 4980.07
Throwback and apportionment
sourcing of gain, 4660.01
TIC interests. See Tenancy in common
Tie-breaking mechanisms, 3201.03
arbitration, 3270.03
deadlock, 1980.04, 3270.01, 3270.02, 3270.04, 3270.05, 3270.06, 3270.07, 3270.08, 3270.09, 3270.10, 3290.03, 5220.05, 5660.09
independent managers, 3270.04
mediation, 3270.03
shotgun clauses, 3270.06
Title insurance, 650.04, 920.01, 920.03, 1010.05, 1090.01, 1850.06, 1890.01, 5190.04
insurance of the LLC, 5120.04
Tokens
articles of organization, C60.06
beneficial-ownership reporting, 5350.06
decentralized autonomous organizations, 4780.01, 4780.02, 4780.03, 4780.04, 4780.05, 5310.01, 5310.04, 5310.07, 5340.10, 5350.06, 5380.01, C60.07
Howey test, 4780.02
Marshall Islands, 5350.07
Sarcuni decision, 5310.04
SEC DAO Report, 4780.01
smart contracts, C60.07
statements of management (DAO), D20.02
unwrapped DAOs, 5310.01, 5310.07
upgradeability, C60.06, D20.02
Wyoming, 5350.07
Tooley test, 3501.03, 3520.01, 3520.02, 3520.05, 3520.06, 3530.03, 3530.07
Brinckerhoff decision, 3530.03
Brookfield decision, 3520.04
derivative claims, 2130.02, 3520.04, 3520.07, 3590.05
Gentile exception, 3520.03
contract and creditors, 2610.04
liability of the LLC, 1880.02
LTL decision, 4980.06
malpractice liability, 2820.05
mass tort bankruptcy, 4980.06
participation doctrine, 2820.01, 2820.02, 2820.03, 2820.04, 2820.05, 2820.06
pleading standards, 2820.03
Transfer restrictions, 1120.05, 2940.02, 2940.04, 5010.04
Absalom decision, 2940.05, 2940.07
buy-sell agreements, 3090.05, 4330.09
consequences of a breach, 2940.03
creditor protection, inside and outside, 5530.04
defective acts, 2940.08
Holifield decision, 2940.06
kinds of restriction, 2940.01
legends, 4790.03
pledges of interests, 1670.04, D50.04
ratification, 2940.07, 2940.08, 5660.02
Revised Uniform Limited Liability Company Act, 2940.09
Uniform Commercial Code Article 8, 2940.10, D50.04
See also Rights of first refusal
Transfer taxes, 3090.07, 3480.09, 3490.03, 4290.02, 4290.06, 5001.03, 5001.04, 5010.01, 5020.06, C30.01
annual exclusion, 5020.04
California, 5130.08
Delaware, 5130.07
exemption amount, 5020.02, 5020.05
family LLCs, 5020.03
Florida, 5130.05
generation-skipping transfer tax, 5020.01, 5080.07
New Jersey, 5130.06
Pennsylvania, 5130.04
property tax reassessment, 5130.01, 5130.02, 5130.03, 5130.04, 5130.05, 5130.06, 5130.07, 5130.08, 5130.09, 5130.10
Transferee liability, 4201.04, 4230.07, 4250.07
alter ego, 4250.04
garnishment and attachment, 4250.03
member-level liability for LLC taxes, 4250.06
naming the taxpayer, 4250.08
owner's taxes and the LLC's property, 4250.02
reverse veil piercing, 4250.05
state law defines the property, 4250.01
tax liens, 4250.03
Wyoming, 4250.05
Transferees. See Assignees and transferees
Transfers by operation of law, 1840.02, 3120.01, 5680.02
Arizona, 1240.06
bankruptcy of a member, 2980.06
Florida Revised LLC Act, 2980.08
foreclosure of charged interests, 2980.08
foreign LLCs, 1240.06
general rule, 2980.01
reverse triangular mergers, 3460.07
Revised Uniform Limited Liability Company Act, 2930.01, 2980.03, 2980.05, 3540.03
to trust, 2980.07
vesting by operation of law, 3460.01
Virginia, 2980.03
Transfers of interests, F50, F50.03, F50.04
authority and restrictions, F50.02
Revised Uniform Limited Liability Company Act, 230.09, 2720.03, 2930.03
sales by transfer of interests, 5120.03
Uniform act charging order provision, 2720.03
See also Transfer restrictions
Transfers on death, 3020.02, 5070.08, 5090.03
Delaware, 980.02, 2980.02, 3160.02, 3180.02
Delaware Limited Liability Company Act, 3160.02, C10.05
foreclosure of charged interests, 3180.07
incapacity, 980.02, 980.03, 980.05, 980.06, 2920.10, 3160.03
loss of the last member, 2960.06, 3180.02, 3180.07, 3310.06, 3310.07
personal representatives, 3620.03
TRAs. See Up-C structures
TROs. See Injunctions
Trust fund recovery penalty, 2530.06, 2801.03, 2840.01, 2840.02, 2840.03, 2840.04, 4230.08, 4290.06
criminal exposure, 2840.05
employment taxes, 2850.01, 2850.02, 2850.03, 2850.04, 2850.05, 2850.06, 3980.03, 4230.04
regarded purposes, 2850.01, 2850.02, 2850.03, 2850.04, 2850.05, 2850.06, 3980.03, 4230.04
Trusted execution environments, 4890.04
Turnover orders, 2720.01, 5560.01
creditors' remedies, 2770.05, A30.04
Two-tier structures, 3701.03
composite returns, 4640.05
effectively connected income, 4670.08
election out of the audit regime, 4420.07, 4420.08
push-out elections, 4460.01, 4460.02, 4460.03, 4460.04, 4460.05, 4460.06, 4460.07
reviewed year, 4460.02, 4460.06, 4460.07
withholding, 4640.05
U
UBTI. See Unrelated business taxable income
UK limited liability partnerships
limited liability partnerships, 470.03
ULLCA. See Uniform Limited Liability Company Act (1996)
Unanimous consent, 1720.02, 3490.03
appraisal rights, 3430.03
deadlock, 3220.03
foreign LLCs, B70.02
minority members, 3430.03
Revised Uniform Limited Liability Company Act, 2930.08, B30.01
supermajority requirements, 3220.03
Unanimous written consent. See Written consents
Undercapitalization, 940.03, 2620.04, 4050.07, 5180.03
2016 amendment, 550.04, 5540.05
commingling, 2640.06
formalities, 2540.02, 2640.04, 5540.08
GreenHunter decision, 550.03, 940.04, 2640.01, 2640.06, 5540.04
separateness covenants, 5280.02, 5540.08
Wyoming, 250.05, 550.03, 940.05, 1260.04, 2640.01, 5370.03, 5540.04, A60.02
Uniform act. See Revised Uniform Limited Liability Company Act
Uniform act charging order provision, 570.02, 2710.03, 2710.04, 2730.01
creditor protection, inside and outside, 5510.01, 5510.03
creditors' remedies, 950.06, 1270.03, 2770.06, A30.01
Delaware charging order statute, B50.01
exclusive remedy, A30.01
foreclosure of charged interests, 950.06, 2720.05, 2740.02, 2740.05, 2980.08, 3180.07, 5510.03, B50.01, B50.02
Revised Uniform Limited Liability Company Act, 160.03, 230.02, 230.09, 950.05, 2720.03, 2740.02, 2740.05, 2930.02, 2930.05, 2930.08
tax distributions, 2750.03, 2750.05
tax payments under charging orders, 570.07, 1460.02, 5680.03
Uniform Commercial Code Article 8, 2920.05, D01.01
divorce, D50.03
joinder agreements, D50.02
mezzanine financing, 5150.04
pledges of interests, 1670.02, 1670.03, 1670.06, 2970.02, 2970.03, D50.04, F60.02
spousal consents, 5690.05, D50.01, D50.02, D50.03, D50.04
transfer restrictions, 2940.10
Uniform Commercial Code Article 9, 2970.02
Uniform Commercial Code Article 9, 3070.09
anti-assignment provisions, 1670.05, 2970.04
Delaware, 2970.05
mezzanine financing, 1660.02, 1660.03, 5150.03, 5150.04, 5150.05, 5150.06, 5150.07, 5150.08
pledges of interests, 1670.02, 1670.05, 1680.01, 2970.01, 2970.02, 2970.04, 2970.05, 2970.06, 2970.08, 5150.05, D50.04, F60.02
Uniform Limited Liability Company Act. See Revised Uniform Limited Liability Company Act
Uniform Limited Liability Company Act (1996), 220, 220.01, B01.02, B01.04
buy-sell agreements, 220.03
decentralized autonomous organizations, 5350.02
Delaware, B10.01, B20.01, B30.01
dissociation, 220.02, 230.07, 3130.06, 3170.06, B60.01
fair value, 220.03
Idaho, B90.01
judicial dissolution, B60.01
mandatory rules, B20.01, B20.02
Revised Uniform Limited Liability Company Act, 210.02, 210.04, 230.06, 230.07, 2930.08, A01.04, A10.01, B30.01, B40.01, B90.01
significance today, 220.04
Uniform Limited Partnership Act
limited liability limited partnerships, 450.01, 450.03
Revised Uniform Limited Liability Company Act, 190.04, 280.03, 2510.03
Uniform Partnership Act, 190.04
Uniform Partnership Act, 5370.01
dissociation, 3010.04, 3110.01
partnerships, compared, 110.02, 440.02
Revised Uniform Limited Liability Company Act, 190.04, 280.03, 1840.01, 2510.03
Uniform Limited Partnership Act, 190.04
Uniform Protected Series Act, 260.03, 1001.03, 1060, 1060.04
adopting states, 1060.02
foreign series, 1060.07
internal shields of series, 1060.03, 1060.05
purpose and structure, 1060.01
registered series, 1090.04, A20.01, B80.01
Revised Uniform Limited Liability Company Act, B80.01, B80.03
veil piercing, 1060.06
Units, 1610.04, 5620.02, 5620.05
additional capital, 5620.06
admission of new members, 5620.04
capital accounts, 1340.06
classes and series of interests, 5620.03
defaulting members, 5620.07
defined value clauses, 5040.05, 5040.08
equity compensation, 1590.02
good faith (contractual), C20.09
manager-managed LLCs, C20.08, C20.09
member loans, 5620.08
one class of stock, 4330.05
operating partnership, 5110.09
partnership representatives, C20.08
Powell decision, 5060.07
S corporations, 4390.01, C50.06
transfer taxes, 5020.06
valuation discounts, 5040.05, 5040.08
voting and nonvoting units, 5010.03, 5050.07, C30.02, C30.06
Unpaid wages, personal liability for
fair labor standards act, 2860.01
planning for wage claims, 2860.03
Unwrapped DAOs, 5301.04, 5370.01
decentralized autonomous organizations, 5310.01, 5310.02, 5310.03, 5310.04, 5310.05, 5310.06, 5310.07, 5370.07, 5380.02, 5390.07
Ooki DAO decision, 5310.06
partnerships, compared, 5310.03
Sarcuni decision, 5310.04
Upgradeability
algorithmic management, 5330.04, 5330.05, 5330.06, 5330.09
articles of organization, C60.06
decentralized autonomous organizations, 5310.01, 5320.07, 5320.08, 5330.05, 5330.11, 5360.04, 5360.08, 5380.02, 5390.04, 5390.06, 5390.07, 5390.08, 5680.07, C60.02, C60.06, C60.07
smart contracts, 5301.02, 5330.04, 5330.09, 5390.03, 5390.04, 5390.06, 5390.07, 5390.08, C60.07, D20.02
statements of management (DAO), 5390.03, C60.02, D20.02
Wyoming DAO Supplement, 5330.11
Utah
articles of organization, 1830.06
blockchain, 5360.03
check-the-box regulations, 5380.03
decentralized autonomous organizations, 5360.02, 5360.03, 5360.04, 5380.03
deeds, 1830.06
UVTA. See Fraudulent transfers
V
Valuation, 1360.01, 1590.05, 3040.04, 3040.07, 3040.08, 3060.01, 3060.02, 3060.03, 5210.03
annual exclusion, 5030.06
bona fide business arrangement and Holman, 3060.07
books and records, 3680.05
charitable planning, 5040.05
choosing the standard, 3040.06
Connelly decision, 3050.06
deadlock, 3270.10
defined value clauses, 5040.01, 5040.02, 5040.03, 5040.04, 5040.05, 5040.06, 5040.07, 5040.08
dissociation, 3110.07
exemption amount, 5020.05
fair value, 3040.05
fixed price and periodic certificates, 3040.02
formula prices, 3040.03
profits interests, 1510.06
proper purpose, 3630.03
tie-breaking mechanisms, 3270.10
transfer taxes, 5020.05
Wandry decision, 5040.07
Valuation discounts, 3010.08, 3090.08, 4180.01, 5010.01, 5070.09
buy-sell agreements, 220.03, 3190.06
charitable planning, 5040.05, 5080.08
choosing the standard, 3040.06
defined value clauses, 5040.01, 5040.02, 5040.03, 5040.04, 5040.05, 5040.06, 5040.07, 5040.08
fair value, 3040.05
gift tax, 4210.06, 4270.03, 5040.08
minority members, 5040.03
payment terms, 3040.10
Pierre decision, 4210.06, 4270.03
transfer taxes, 5020.03, 5020.06
Wandry decision, 5040.07
Varying interests, 4001.04, 4080.09, 4170.06, F50.04
capital accounts, 4080.08
charitable planning, 4080.10
choice of method in drafting, 4080.05
depreciation and recapture, 4080.01, 4080.03, 4080.04
revaluations, 4080.07, 4080.08
Section 704(c), 4080.02, 4080.03, 4080.04
Section 704(c) on distribution and sale, 4080.06
Veil piercing, 550.07, 940.01, 940.03, 940.06, 1260.03, 2580.02, 2610, 2630, 2630.01, 2640, 2670, 2680, 5370.01, 5430.05, 5540.03
2016 amendment, 550.04
California, 2670.03
California RULLCA, 2630.02
consolidations, 2680.01, 2680.02, 2680.03
creditor protection, inside and outside, 5520.03
creditors' remedies, 970.02, 2770.03
decentralized autonomous organizations, 5370.04, 5370.06, 5370.07, 5370.08
direct liability and distinguished, 2810.05
extended to LLCs, 940.02
formalities, 2540.05
GreenHunter decision, 550.03, 940.04, 2640.01, 5540.04
Nevada, 2630.03
reverse veil piercing, 970.02, 2670.01, 2670.02, 2670.03, 2670.04, 2670.05, 2670.06, 2670.07, 2770.03, 5520.03
substantive consolidation, 2680.01, 2680.02, 2680.03, 2680.04
Uniform Protected Series Act, 1060.06
Wyoming, 550.01, 550.03, 940.05, 1260.04, 2540.05, 2630.05, 2640.01, 5370.03, 5370.05, 5540.04
See also Alter ego; Reverse veil piercing
Vesting, 1360.06, 1590.05, 1590.06, 3190.02
Revenue Procedure 93-27, 1520.06
safe harbors, 1520.06, 1520.07
Section 83(b) elections, 1530.01, 1540.02, 1540.03, 1540.05, 1540.06
Veto rights. See Protective provisions
Virginia
foreign series, 1060.07
Revised Uniform Limited Liability Company Act, 2930.07, 2980.03
transfers by operation of law, 2980.03
Voidable transactions. See Fraudulent transfers
Voting, 2001.03, 2010, 2020, 2020.02, 2020.03, 2030, 2040, 2050, 2060, 2090, 3310.04, 5640.01, C30.02, D60.03
2016 proposed regulations and their withdrawal, 5050.07
amendment without a member vote, 810.02
articles of organization, C60.06
blocking provisions, 2020.04, 4930.03
classes, and procedure, 1920.03
contested elections and votes, 860.03, 2060.01, 2060.02, 2060.03, 2060.04, 2060.05
decentralized autonomous organizations, 5340.03, 5340.07, 5340.08, 5340.10, 5390.08
default rules, 5340.02
defined value clauses, 5040.03
Delaware, 2010.01, 2010.02, 2040.01, 3150.08, 3330.02
dual fiduciaries, 1930.06, 5220.01, 5230.06, 5640.05
electronic records, 2090.04, 2090.05
equal votes and proportional votes, 1720.03
information rights, 5340.04, 5640.09
manager-managed LLCs, 2010.04, 5640.04
member-managed LLCs, 2010.03, 5640.03
members' vote and the 2015 change, 3310.03
Model C, C30.06
one class of stock, 4330.11
profits interests, B30.02
protective provisions, 1610.05, 2020.04, 5640.07, 5640.10
proxies, 1940.06, 2050.01, 2050.02, 2050.03, 2050.04, 2050.05
quorum, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.06, 1940.07, 1940.08, 2030.05
Revised Uniform Limited Liability Company Act, 1790.01, 2010.03, 2010.04, 2020.05, 2060.05, 2910.06
Section 2704, 5050.05
supermajority requirements, 820.01, 820.02, 820.04
unaffiliated member votes, 2440.07
unequal votes and classes, 1930.03
upgradeability, C60.06, D20.02
valuation discounts, 5040.03
written consents, 820.04, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.08, 2040.01, 5640.08
Voting and consents. See Voting
Voting and nonvoting units, C30.02, C70.01
2016 proposed regulations and their withdrawal, 5050.07
classes of units, 5010.03
defined value clauses, 5040.01, 5040.03, 5040.04, 5040.08
Model C, C30.06
non-voting interests, 2020.03
Regulation D, 4740.09, 4750.06
W
W-2 wage limitation
net investment income tax, 4590.04
payroll and employee status of members, 4550.04
Section 199A, 4550.02, 4550.04, 4550.07, 4560.02, 4560.08, 4590.04
Waivable rules. See Default rules
appraisal rights, 360.07, 3430.09
appraisal waivers, 3080.06
arbitration, 5670.07
blocking provisions, 4930.02
course of performance, 360.08
defective acts, 850.01, 850.02, 850.04
Delaware, 360.02
derivative claims, 360.06
drag-along rights, 3080.06
estoppel, 850.01, 850.02, 850.03, 850.04, 850.05, 850.06
fee and the 2015 proposal, 1530.04
independent managers, 4930.02
information rights, 360.05
judicial dissolution, 360.02, 360.03, 360.04, 3230.12
jury waivers, 3790.06, 5670.07
ratification, 850.03, 850.05, 890.03
Revised Uniform Limited Liability Company Act, 360.04, 850.06
Waivers of judicial dissolution, F30.02
good faith and fair dealing, implied covenant of, 320.02, 2250.07, 3260.04
judicial dissolution, 360.02, 360.03, 360.04, 3230.02, 3230.12, 3250.08, 5660.09
minority members, 3280.03, 3280.04
oppression, 3240.09, 3250.08, 3280.04
Revised Uniform Limited Liability Company Act, 280.08, 360.04
Waterfalls, 1490.01, 1490.02, 1630, 1630.06, 1680, 5601.02, 5630.01
capital accounts, 1680.08
catch-up provisions, 1550.06, 1630.03, 4330.06
clawbacks, 1480.03
European and American waterfalls, 1630.04
hurdle rates, 1630.05
preferred returns, 1550.06, 1630.05, 4330.06
redemptions, 1480.01, 1480.02, 1480.03, 1480.04, 1480.05, 1480.06
return of capital, 5630.08
Revised Uniform Limited Liability Company Act, 1480.04
Williamson factors, 1770.04, 4730.02
Howey test, 1770.04, 4730.01, 4730.02, 4730.03, 4730.04, 4730.05, 4730.06, 4730.07, 4730.08, 4730.09
Winding up, 3301.06, 3320, 3340, 3340.01, 3340.03, 3350, 3350.10, 3370, 3380, 3390, 3390.06, 5340.09, 5670.03, B10.03, F90.02, F90.03, F90.04
administrative dissolution, 3320.01, 3320.12
certificates of cancellation, 2560.07, 3301.02, 3301.03, 3320.05, 3380.01, 3380.02, 3380.04, 3380.11, 3390.04, D10.04, F90.05
claims procedures on dissolution, 2560.03, 2560.04, 2560.05, 2560.06, 3350.02, 3390.04, 3390.05, D70.02
court-supervised winding up, 3340.07
custodians, 3840.02, 3840.05, 3840.07
Delaware, 2560.03, 3110.06, 3210.02, 3340.02, 3340.07, 3840.02, B60.03
dissociation, 2180.01, 2180.02, 2180.03, 2180.04, 2180.05, 3010.04, 3110.06, 3130.05, B60.01, B60.02, B60.03
drafting the dissolution provisions, 3390.01
duties of the persons, 3340.06
duty of disclosure, 2180.01
good faith (contractual), C20.09
judicial dissolution, 3230.13, 3320.01, 3840.03, B60.01, B60.02
leaseholds, 1020.07
liquidating trustees, 3840.03, 3840.07, D70.01, D70.03
manager-managed LLCs, C20.09
post-dissolution claims, 2560.06, 2560.07, 3340.04, 3360.07
real exposure, 2560.02
receivers, 3380.01, 3380.02, 3380.04, 3380.11
registered series, D10.04
Revised Uniform Limited Liability Company Act, 2560.05, 2930.02, 2930.05, 2950.09, 3130.08, 3340.05, 3340.08, 3840.05, D70.02
shield survives dissolution, 2560.01
succession for single-member LLCs, 3390.02
winding-up provisions, 3390.03
See also Claims procedures on dissolution
Wind-up. See Winding up
Withdrawal. See Withdrawal of members
Withdrawal of members, 3130.04
dissociation, 3130.01, 3130.05, 3130.06
minority members, 3210.02
pending claims, 3130.07
retirement and voluntary withdrawal, 3020.07
Revised Uniform Limited Liability Company Act, 3130.01, 3130.02, 3130.08
wrongful dissociation, 3130.05, 3130.06
See also Dissociation
Withholding, 1490.01, 4201.04, 4230.05, 4240.07, 4280.05, 4601.02, 4640, 4670, 4680, 4690
by the transferee under section 1446(f), 4190.03
composite returns, 4640.01, 4640.02, 4640.03, 4640.04, 4640.05, 4640.06, 4640.07, 4690.04
effectively connected income, 4190.02, 4670.03, 4670.06
exceptions and reduced, 4190.04
FATCA, 4680.01, 4680.02, 4680.03, 4680.08
FDAP withholding, 4680.01, 4680.03, 4680.08
Form 1099 reporting, 4240.03, E60.01
Georgia, 4640.06
GmbH, 4670.06
Grecian Magnesite and the 2017 legislation, 4190.01
hot assets, 4190.07
planning points, 4190.06
redemptions, 4190.07
Section 1446 withholding, 4190.05, 4670.03, E60.01
tax distributions, 1450.05
tax payments under charging orders, 1460.05
two-tier structures, 4640.05
varying interests, 2990.04
Wrapped DAOs. See Decentralized autonomous organizations
Written consents, 1970.04, 5640.08, D30.03, D30.04
consents effective in the future, 2040.03
Delaware, 2040.01
disclosure before consent, 2040.05
dual fiduciaries, 1930.08, 5640.05
Form of consent, 2040.02
manager consents, 2040.06
minority members, 2040.04
proxies, 820.06, 1940.06, 2050.01
quorum, 1940.01, 1940.02, 1940.03, 1940.04, 1940.05, 1940.06, 1940.07, 1940.08
recordkeeping, 1940.07
remote participation, 2030.03
Wrongful distributions, 1401.04, 2530.05
Colorado, 1440.05
compromise of the obligation to return, 1440.07
creditor standing, 1440.05
distribution limits, 1410.05, 1640.03, 3050.08, 5630.09, B40.01
fraudulent transfers, 1260.02, 1440.06
redemptions, 1410.05, 1480.06, 1650.07
Revised Uniform Limited Liability Company Act, 1440.03, 1440.04, 2880.05, 2930.04, 3360.04, B40.01
Wyoming, 130.01, 140.01, 550.01, 570.07, 590.02, 590.04, 1180.01, 2630.05, 2640.07, 2740.06, 3370.02, 3760.07, 4250.05, 4620.10, 5180.06, 5320.09, 5360.07, 5510.06, 5540.08, D20.02
administrative dissolution, 3320.09, E50.02
creditors' remedies, 1270.04, 5180.06, 5510.06
decentralized autonomous organizations, 5320.09, 5330.11, 5350.07, 5370.05, 5390.07
Florida Revised LLC Act, 950.07, 1270.04
foreclosure of charged interests, 950.07, 2740.06, 3760.07
formalities, 2540.05, 2640.01, 5540.08
Nevis LLC Ordinance, 570.07
registered series, 590.04, 1050.06
Revenue Ruling 88-76, 140.01
Revised Uniform Limited Liability Company Act, 3370.02, 3670.06
South Dakota, 590.02
Texas franchise tax, 4620.10
undercapitalization, 250.05, 550.03, 940.05, 1260.04, 2640.01, 5370.03, 5540.04
unwrapped DAOs, 5350.07, 5370.05
upgradeability, 5390.07, D20.02
Wyoming annual license tax, A60.02, E50.02
Wyoming DAO Supplement, 5330.11
Wyoming LLC Act, 250.05, 660.05, 940.05, 1050.06, 3320.09, 3670.06, 5370.03, A60.02
See also Wyoming DAO Supplement; Wyoming LLC Act
Wyoming charging order statute, 570.02
creditor protection, inside and outside, 5510.02, 5510.06
exclusive remedy, 5510.02, A30.01
Wyoming DAO Supplement, 5340.06
algorithmic management, 5330.08, 5330.09, 5330.11
decentralized autonomous organizations, 4780.04, 5320.02, 5320.03, 5320.04, 5320.07, 5330.08, 5330.11, 5340.07, 5340.10, 5390.01, 5390.07, C60.01, C60.05, D20.01
electronic records, 5320.05
registered agents, 5320.04
smart contracts, 5320.05, 5320.06, 5330.09, 5390.01
statements of management (DAO), D20.02