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PERSONAL INJURY LAWYER :: RIVERSIDE COURT ATTORNEY
Riverside Court Attorney :: An agreement may be tweaked to provide for allocation and distribution. It can specify when and how much distributions thereby depriving a new member from demanding an allocation or distribution. Another way to limit the new members interest in pursuing the interest is the capital contribution requirement. Typically a member is not obligated to contribute money or property or make a capital contribution to LLC unless the member agrees to do so in a written document signed by the member. This is tremendously important for estate planning purposes. Can you imagine a creditor getting a court ordered liquidation of a debtor members membership interest and trying to sell the interest when it requires the member pay $5,000, $10,000 or more in capital contributions? The membership interest will be virtually worthless to a creditor.
Nondischargeability & Objection to Discharge Complaints - Creditors may need to file formal complaints against the debtor in various situations. They are handled in bankruptcy as adversary proceedings or trials.
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