WHEN IS A PERSON A “MEMBER” OF AN LLC?

By , January 18, 2018 8:35 am

Peter Mahler’s post, under the link below, discusses a recent New York trial court case addressing under the Delaware Limited Liability Company Act an issue about whether a particular interest holder in the Delaware LLC in question was a member of the LLC for purposes of statutory access to the LLC’s books and records.

For lawyers who draft LLC operating agreements, the lesson of the case and the post is this:  Make sure that operating agreements that you draft have no ambiguities as to who is and who is not a member.

Here’s the post:

http://www.nybusinessdivorce.com/2017/10/articles/access-to-books-and-records/member-name-may-access-llc-books-records/

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