Legal Question in Business Law in New York

Re: LLC Dissolutions

Penalties?

Did they take company funds with them when they dissolved the LLC? If so, you may be able to sue to get your share of the funds back. You might also be able to press criminal charges for some crime involving theft of company funds.

Was the LLC an assignee in any intellectual property rights (patent, copyright, trademark)? You may be able to sue to get your share of the proceeds of any IP profits.

Did you as co-owner suffer any measurable harm because of the dissolution of the LLC? If so, you may be able to sue in tort to recover your damages.

Any owner can dissolve an LLC or a corporation simply by filing a Certificate of Dissolution with the Dept. of State in NY. There are no criminal penalties for an owner dissolving an LLC, but there are protections in place such that an injured business partner can be made as whole as possible by money damages.

Please contact my office if you'd like for me to be of service to you in this matter.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

Re: LLC Dissolutions

Read your operating agreement...hard to say otherwise

Good Luck

RRG

Re: LLC Dissolutions

The first thing you should do is read your company's operating agreement if you have one. There should be a section that deals with dissolution. If your partner under took these acts in violation of the operating agreement then you may be able to file suit and recover damages. Please feel free to contact my office if we may be of any assistance to you.