Different Forms Have Different Rules

Different Forms Have Different Rules

        While often times business organization forms such as the limited liability company, the corporation, the partnership and the limited partnership are lumped together as being only slightly different shades of gray, in fact they are distinct bodies of law all with their own rules. In a recent posting on the New York Business Divorce Blog, Franklin C. McRoberts has reviewed the New York law governing LLCs, corporations, partnerships and limited partnerships from the perspective of what obligations may or may not be set forth in an oral/course of conduct versus a written agreement. In that posting, he identifies a number of important points. Now, that may be the law for New York, but every state is going to have similar disparate limitations across entity acts, and they need to be recognized.

      The title of that posting is Enforceability of Oral Operating, Shareholder, and Partnership Agreements, posted August 24, 2020. HERE IS ALINK to that piece.