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by Jennifer Villier, JD | Business Law Faculty, WealthCounsel

As flexible business entities, LLCs can generally be formed for “any lawful purpose.” A recent case out of the Delaware Court of Chancery demonstrates the need to carefully consider an LLC’s stated purpose and anticipate situations that would frustrate such purpose and potentially lead to the desire of one or more members to dissolve the LLC. Practitioners representing LLCs must counsel clients and properly draft an LLC’s operating and ancillary agreements with a view towards dissolution in order to ensure that the parties’ intentions are served in the event that the LLC’s purpose can no longer be achieved.

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