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BLT: July 2013

Exit Stage Left: Getting out of Your Limited Liability Company

Feature Articles

Exit Stage Left: Getting out of Your Limited Liability Company

The importance of addressing exit mechanisms in an LLC Agreement, including a brief description of possible exit mechanisms.

SEC Chairman Mary Jo White in mid-June announced an important change to the Commission's policy of permitting parties to settle SEC securities claims without admitting wrongdoing. Her announcement and other remarks illuminate how co-directors George S. Canellos and Andrew J. Ceresney will oversee the SEC's Enforcement Division.

On May 29, 2013, the Delaware Court of Chancery, in In re MFW Shareholders Litigation, issued an important securities-law decision, holding that the Business Judgment Rule standard of review applies to going-private transactions with controlling stockholders under certain conditions.

The problem of multi-forum litigation, wherein shareholders simultaneously challenge a single transaction in many courts throughout the country, has garnered lots of attention from the judiciary, scholars, and the popular press. One potential solution the Delaware Court of Chancery recently confronted is the enactment of so-called "forum selection bylaws."

Former Business Law Section chair E. Norman Veasey served as the Chief Justice of Delaware for 12 years. During his tenure, the U.S. Chamber of Commerce ranked Delaware's courts first in the nation for three consecutive years for their fair and efficient litigation environment.

While the vast majority of the Committees within the ABA Business Law Section seek to further members' understanding of particular areas of law or areas of practice within the broad umbrella of business law, several Committees focus on how all attorneys can do well, do good, and do right.

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Question: From September 8 through 10,  Boston, Massachusetts – also known as Bean Town, the City of Notions and the Cradle of Liberty – will host the 2016 Business Law Section Annual Meeting. Which of the following is the official motto of the City of Boston?

A.  Ense petit placidam sub libertate quietem

B.  Libertate defenderet, justic sectantes

C.  Ad astra per aspera

D.  Sicut patribus sit Deus nobis 

Please see Inside Business Law for the answer to this month’s Business Law Section Trivia Question.

Following the 2016 Section Annual Meeting, the September issue of Business Law Today will feature an array of highlights from the meeting in Boston. Additional topics include explaining the Defend Trade Secrets Act, diversity jurisdiction and unincorporated entities, and mitigating the threat of insolvency before it’s too late.

Do you have a great idea for a BLT article? Would you like to see more of a featured column? Let us know how we can make Business Law Today the best resource for you and your clients. We welcome any suggestions. Please send us your feedback here.

Business Law Section Annual Meeting
September 8-10, 2016
Boston, MA

Miscellaneous IT Related Legal News (MIRLN) 24 July - 13 August 2016 (v19.11)

BLT is a web-based publication drawing upon the best of the Section's resources, including featured articles and other information from around the Section. Stay informed on the latest business law practice news and information that will benefit you and your clients.