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Dunnington Sets LLC Precedent

By October 27, 2020 No Comments

In October, the Appellate Division, Second Department unanimously sustained a precedent setting decision obtained by Partner Robert N. Swetnick holding two members of a limited liability company had the right to expel the third member, and that such expulsion did not trigger dissolution of the company. Furthermore, the expelled member did not have the right to receive his pro rata interest in the real estate portfolio of the company, but instead the remaining members could elect to simply purchase his interest.