Tag: Tennessee

Claimant Allowed to Proceed Against Tennessee LLC That Distributed Its Assets

A dissolved Tennessee LLC that had distributed all its assets was sued for fraud and breach of contract. The Tennessee LLC Act allows claimants to sue a dissolved LLC, but only “to the extent of its undistributed assets.” The LLC defended the suit on grounds that the plaintiffs had no standing to sue because the … Continue Reading

Kansas Authorizes Series LLCs

Kansas recently became the latest state to authorize series limited liability companies. Governor Sam Brownback signed Substitute House Bill 2207 on March 29, 2012, amending the Kansas Limited Liability Company Act to authorize series LLCs. Sub. H.R. 2207. The bill will become law on July 1, 2012, and Kansas will then join the eight other … Continue Reading

Texas Joins the Series LLC Crowd

Texas has joined the seven other states that have authorized series LLCs. The Texas bill authorizing series LLCs was signed by Governor Perry in May and will become effective on September 1, 2009. S.B. 1442. The states that currently authorize series LLCs are Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee and Utah. Most state LLC acts … Continue Reading