In a surprising decision out of the Supreme Court, Nassau County, LCF Group, Inc. v Fields, a judge refused to confirm an arbitration award against the “borrower” of a Merchant Cash Advance “lender.” I think it is surprising because it is extremely hard to attack an arbitration award and the motion to confirm the award … Read More
LLC Managers have broad fiduciary duties when managing an LLC. Even when they are given “sole and absolute discretion” in the operating agreement to take certain actions for the LLC, they cannot exercise that right in bad faith, for personal gain, and in such a way as to deprive the LLC of a reasonably expected … Read More
What happens if you bring a lawsuit and the defendant does not defend themself, because either they fail to answer or fail to comply with a court order to participate in the litigation? You can move for a default judgment to get what you’re asking for, even if the defendant does not participate. But even … Read More
Any lawsuit has to be served on the opposing party. Some defendants try to get cute and hide from the process server or otherwise attempt to prevent service. Not a good idea in the long run. They will usually get you eventually. In a recent decision by the Supreme Court, New York County (Big Yuk … Read More
Forgetting to update your Limited Liability Company address (or failing to monitor your mail) can become a problem when someone files a lawsuit against the LLC and serves the papers on the Secretary of State. The Secretary of State will notify you of the lawsuit by mail and that notification starts the time to answer … Read More
A plaintiff sued various limited liability companies and the majority member of those limited liability companies and thought it was a good idea to put “notices of pendency” on the buildings owned by the limited liability companies. This, despite the fact that the plaintiff really only complained of not getting distributions from the limited liability … Read More
Easy Money or Debt Trap? Merchant Cash Advances are often the small business owner’s last resort for cashflow. When an SBA loan or any other business loan is out of reach, Merchant Cash Advance businesses are eager to give the business owner money. It only takes a couple of days, minimal paperwork, and the money … Read More
