Limited Liability Companies and the Bankruptcy Code | Practical Law
A Practice Note highlighting potential bankruptcy and insolvency issues that parties and their counsel should take into account when forming a limited liability company (LLC) under state law. These issues affect the drafting of key provisions in an LLC operating agreement, including management and ownership rights and remedies, as well as what the parties should do if an insolvency arises or a bankruptcy proceeding is initiated against the LLC or one or more of its members.