New Connecticut Law Adds Additional Grounds to Kick Out Member of an LLC
Here’s a common scenario I see as an attorney handling business disputes: Four members start an LLC to engage in business together. They all get along as friends, colleagues, or business associates. Lets call the hypothetical business Harmony LLC. When they start Harmony, each person has an assigned role with ownership of 25% of the company. […]
You Must Prove Damages With Reasonable Certainty In Business Lawsuits
Determining if you have provable damages is often the first step in analyzing whether to pursue a business lawsuit as a shareholder, partner, or member of a limited liability company. Likewise, if you have been sued as a result of a partnership or shareholder dispute, reviewing the exposure or possible damages you face is an […]
Lost Profit Damages in Connecticut for New Business Ventures
When business lawyers evaluate the merits of bringing a lawsuit, one of the first questions to ask a client should be "what are the damages?" Many times, in business litigation cases, business owners want to seek recovery of lost profits with a very optimistic view of what is recoverable in a case. In such cases, [...]HOW TO DISSOLVE A LIMITED LIABILITY COMPANY IN CONNECTICUT
Limited Liability Companies in Connecticut, and every other state, are created by statutory law. General Statutes Title 34 governs the creation and governance of LLC’s in Connecticut. Specifically, General Statutes sections 34-206 sets forth the means of dissolving an LLC. The LLC may be dissolved by: At the time or upon the occurrence of events […]
Primer on Interpleader Actions Under Connecticut Law
The Connecticut Supreme Court (318CR76) recently issued a decision that provides a good overview of Connecticut’s interpleader law. An action in interpleader is an equitable claim attorneys bring on behalf of clients to resolve ownership over disputed claims to property or money. The typical case involves a situation where one party is the holder of money and […]
Dissolving A Corporation Under Connecticut Law
Under Connecticut law, there are various methods attorneys may use to dissolve or terminate a corporation. It is referred to as dissolution of the corporation. A dissolved corporation continues its corporate shell existence but stops carrying on business except where necessary to wind up the affairs of the company. Winding up typically involves liquidation by […]
Do Members of LLCs Owe A Fiduciary Duty To Each Other in CT?
A limited liability company is essentially a combination or mix of a corporation and a partnership. The LLC as an entity provides the flexibility of a partnership with the ability to govern and create ownership interests similar to a corporation. The legislature codified the framework for LLCs in Connecticut in Title 34, Chapter 613 of […]
Old Judgments Can Come Back to Bite You – Hazards of Defaulting on Promissory Notes
A recent case from the Connecticut Supreme Court serves as a reminder that civil judgments are good for 20 or 25 years in Connecticut depending on how you seek to enforce the judgment. The decision was in the case of Investment Associates v. Summit Associates, et al. In this case, a debtor failed to pay […]
Otter Products Ratchets Up Its Enforcement of Counterfeit Otterbox Phone Cases
Recently, Otter Products LLC, the maker of specialty mobile phone cases including their DEFENDER®, COMMUTER® and IMPACT SERIES® line of products, has stepped up its enforcement actions against buyers and sellers of alleged counterfeit goods bearing their federally registered trademarks. To date, approximately 30 trademark infringement lawsuits have been filed against John Does and named […]
Navigating FINRA’s Mandatory Arbitration Requirement – An Overview
Raymond & Bennett attorney Joseph Blyskal contributed the following post to this Blog. I recently read an article indicating that arbitration was the preferred forum for member companies of the Financial Industry Regulatory Authority, but with a caveat–that the only real reason it was preferred was as damage control for the industry. With only some exceptions, the Financial Industry Regulatory […]