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New York's LLC Law Fosters Greater Certainty for Members and Their Rights

, New York Law Journal

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Stephen M. Plotnick and Alexander G. Malyshev write: The LLC form is often favored because it offers a great deal of flexibility in how a business is to be governed and operated day-to-day. That flexibility can and should be taken advantage of, and the best practice is to reduce the members' mutual understandings to writing. However, when business partners determine to forgo this important step, jurisdictions like New York offer a degree of certainty for members and their governance rights that jurisdictions like Delaware are potentially lacking.

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