by Staff of the Firm | Dec 15, 2016 | Business Management, LLC, Personal Liability, Texas Law Update, Uncategorized
In State v. Pure Tech Systems, Inc.,[1] the property at issue had been used for petroleum and hazardous substance operations dating back to the 1880s and was already subject to the state’s closure order by the time it was transferred to Pure Tech Systems, Inc. (“Pure...
by Staff of the Firm | Dec 8, 2016 | Business Management, LLC, Personal Liability, Texas Law Update, Uncategorized
In Morello v. State,[1] White Lion Holdings, L.L.C. (“White Lion”), a company owned by Morello, bought a piece of real property that was previously used as a pipe-manufacturing facility. The previous owner of the property had a state-issued compliance plan to clean...
by Staff of the Firm | Dec 6, 2016 | Business Management, LLC, Personal Liability, Texas Law Update, Uncategorized
As you know, one of the principal advantages of forming a limited liability company or corporation is that it offers protection from liability for business debts and obligations. As you also know by now, however, this liability shield is not absolute. We explained...
by Staff of the Firm | Jul 26, 2016 | Business Management, Personal Liability, Uncategorized
Merrill Ranch Properties, LLC v. Austell[1] involved a bank loan to an LLC, secured by certain property in Arizona and guaranteed by an affiliated individual and eight trust entities he controlled. At some point, the loan was declared in default and the bank filed a...
by Staff of the Firm | Jul 19, 2016 | Business Management, Personal Liability, Uncategorized
In our previous blog series on Comparison of LLC Statutes, we briefly touched on the concept of LLC charging order. In many states, including Delaware, New York, and Texas, a creditor with a judgment against an LLC member can apply for a charging order to satisfy the...
