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LLCs operating without an operating agreement are governed by the state's default rules contained in the relevant statute and developed through state court decisions. An operating agreement is similar in function to corporate by-laws, or analogous to a partnership agreement in multi-member LLCs. In single-member LLC, an operating agreement is a ...
Auriga Capital Corp), [20] parties to an LLC remain free to expand, restrict, or eliminate fiduciary duties in their LLC agreements (subject to the implied covenant of good faith and fair dealing). [21] Under 6 Del. C. Section 18-101(7), a Delaware LLC operating agreement can be written, oral or implied.
It is the Articles of Organization that establishes the power, rights, liabilities, duties, and other important obligations of LLC members. This document also establishes the obligations between LLC members. [2] Most secretaries of state provide fill-in-the-blank PDF templates to file with the state. Some people use the services of an attorney ...
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
New York Central Lines LLC was a limited liability company that owned railroad lines in the United States that are owned and operated by CSX Transportation. The company was formed in 1998 to own Conrail lines assigned to CSX in the split of Conrail between CSX and the Norfolk Southern Railway ; operations were switched over on June 1, 1999.
Standard Industries is an American privately-held global industrial conglomerate headquartered in New York City. Standard is the parent company of a number of industrial manufacturers, roofing and solar companies, and related real estate and investment platforms. [2] David Millstone and David Winter are co-CEOs of the company. [2]
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