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Buyout Upon Dissolution Can Be Ordered by Judge 

The Second Department determined a court can order a buyout of another’s interest in a limited liability company (LLC) upon judicial dissolution of the LLC:

The Limited Liability Company Law “does not expressly authorize a buyout in a dissolution proceeding “ … . Nonetheless, in certain circumstances, a buyout may be an appropriate equitable remedy upon the dissolution of an LLC … . Under the facts of this case, the remedy of a buyout by the plaintiff is appropriate … . Contrary to the defendant’s contention, the provisions of the LLC agreement regarding dissolution of the LLC do not preclude an order authorizing a buyout upon the judicial dissolution of the LLC pursuant to Limited Liability Company Law § 702 … . Mizrahi v Cohen, 2013 NY Slip Op 02056, 2012-02021, Index No 3865/10, 2nd Dept 3-27-13

 

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