Friday, January 6, 2012
Resigning from a Kentucky LLC
Chapman v. Regional Radiology Assoc., PLLC –
A Case Study in the Consequences of Resignation
Chapman v. Regional Radiology Associates, PLLC, 2011
App. Unpub. LEXIS 251, considered the rights afforded a member of an LLC who had resigned. Chapman, prior to his resignation, was a 40% member in the LLC. For the year in which he resigned, Chapman asserted that he was entitled to 40% of the earnings accrued through the date of resignation. The Court of Appeals (correctly) rejected that assertion. Ky.
Law Journal Online has published my review of this decision, which article is available HERE Kentucky
Chapman filed a petition for discretionary review with the Kentucky Supreme Court; that petition was denied on December 15, 2011.