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Corporate Matters: Delaware Law Allows L.L.C. Divisions

Volume 6 No 5    /    Read Article

By Simon H. Prisk

Delaware recently amended its company law to enable a limited liability company (“L.L.C.”) to be divided into two or more newly-formed L.L.C.’s, with the original company either continuing or terminating its existence. The amendment provides L.L.C. members with significant flexibility in separating from each other so that assets, liabilities, rights, and duties of the company can be allocated among the resulting companies. Simon Prisk explains the change in company law.   See more →