Here is a cite to an article about how to use Texas series LLCs in real estate deals. I suspect it also contains some good ideas for non-Texas LLCs:
Weller, “Modern Real Estate Transactions: Series LLCS,” SX008 ALI-CLE 1175, The American Law Institute Continuing Legal Education (Jul. 22-24, 2015).
My model operating agreements for multi-member LLCs provide for the resolution of disputes among the members by mediation and, if that fails, by a single arbitrator under American Arbitration Association rules. The new post under the link below is a good brief introduction to mediation, although not specifically with regard to disputes among LLC members.
Here’s the link:
If you’re forming LLCs for your clients, you have to know what is likely to happen to LLCs and their members when the LLCs or one or more members go bankrupt. For one thing, the answer is likely to involve LLC statutory pick-your-partner provisions and charging order provisions, which are key provisions in any LLC act—and which you and your clients need to understand.
The new blog post under the link below talks about a key issue that often arises when an LLC goes bankrupt. The blogger is Tom Rutledge, a national leader in the field of LLC law and practice.
This new Peter Mahler post demonstrates the difficulty of resolving disputes between the members of two-member LLCs. But remember: 70 percent of all LLCs are single-member; 25% are two-member; 5% account for all the rest. Drafting operating agreements for two-member LLCs is a tricky task.
Here’s the post: