First Impressions

In a case of first impression, the Pennsylvania Superior Court ruled that the majority members of a limited liability company owe a fiduciary duty to the minority members that is breached if the majority sell the LLC’s assets to a new LLC controlled by the majority members.  The opinion may be found at this link: http://www.pacourts.us/assets/opinions/Superior/out/Opinion%20%20ReversedRemanded%20%2010334626430440435.pdf

 

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