Limited liability companies or LLC's are a type of business entity that was devised in an effort to combine the best of the corporate and partnership forms of doing business where there is a small number of equity owners.
An LLC offers the advantages of the limited liability of a corporation without the constant organizational requirements and formalities of a corporation. Shareholder meetings, boards of directors, and other formalities can be completely eliminated through the LLC form.
An LLC is a company that may continue in business in spite of the death of a member and that provides protection from liability to creditors of the LLC. It is generally comprised of a number of equity owners called members in this context.
Disputes between members of an LLC often mirror the disputes that arise in other businesses formed between a limited number of equity owners. Members of an LLC may engage in disputes regarding distributions of the profits of the business, who owns the business opportunities, and who will control the day to day operations of the business.
Disputes can also arise between LLC members regarding who will pay certain debts of the company, and who is empowered to obligate the business in contracts and business dealings with customers and other businesses.
Disputes can also arise in connection with a sale of members' interests in an LLC. Such sales often require the selling member to enter into an agreement not to compete with the company or to solicit customers in exchange for buying a member's interests.
The attorneys at Teague & Chambless, LLLP are experienced in dealing with business disputes of all types that arise in the context of limited liability companies.
The attorneys at this firm have represented selling members in disputes with a buyer of LLC member interests, disputes between owners of interests in the company, and actions filed by an LLC against members who have left the company.
