Peter Fisch and Salvatore Gogliormella Publish New York Law Journal Article on Pick-Your-Partner Principle in Partnerships and LLCs

Real estate partners Peter Fisch and Salvatore Gogliormella’s latest New York Law Journal column, “Rights of Representatives of LLC Members Upon Death or Disability,” was published in the July 29 issue of the journal. The authors discuss the foundational “pick-your-partner” principle in partnerships and limited liability companies, which reflects the notion that members of an LLC have the right to choose with whom they associate in business, and makes a distinction between an LLC member’s economic rights and their governance or management rights. In particular, the article focuses on the New York Limited Liability Company Law (NYLLCL), which provides a limited exception to the pick-your-partner principle in connection with the death or disability of an individual member. The precise scope of the rights that a deceased member’s estate has under the NYLLCL in the governance of a New York LLC remain unclear, as New York courts have not provided detailed guidance on the topic, the authors note.

Summer associate Catherine Hu assisted in the preparation of this article.

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