Years later the members’ relationship turned bitter, which is when I first got involved in what became a court case and eventually the liquidation and dissolution of what had been a successful business.
The two members were highly educated individuals with ample business experience.Īpparently for reasons of speed and convenience - they had the financial wherewithal to hire a lawyer, but chose not to - they used LegalZoom to form the LLC including the articles of organization and operating agreement. The latter document reflected a 70/30 ownership split. The case involved a two-member New York LLC that, in the four or five years it operated, achieved enviable growth and profits. Several years ago I had my first encounter as a business divorce lawyer with an LLC agreement purchased from the online legal forms provider, LegalZoom.
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