Corporate
Jul. 28, 2016
For LLCs, breaking up is now easier to do
Under existing law, it takes at least a majority vote of the members of an LLC to dissolve the entity and wind up its activities. But AB 1722 will change that. By Melissa Bustarde and Larry Doyle
Here is an interesting anomaly: If two people form a corporation as equal owners and one decides it's time to dissolve but the other objects, the corporation can be voluntarily dissolved. But if the same two people form an LLC with equal ownership and one wants out and the other objects, the LLC cannot be voluntarily dissolved. Instead, the party seeking dissolution must file a lawsuit for judicial dissolution...
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