The Curious Case of the LLC: Often Used, but Rarely Understood

Limited liability companies are outpacing corporations as the preferred business form, but they are a newly popular type of entity. This panel tracks LLC law as it rapidly evolves to deal with the unique issues LLCs present. How does the Bankruptcy Code interact with state law in handling these issues, including member- and manager-managed LLCs, single-member LLCs, LLCs as assets of an estate, charging liens, restrictions on attachment or transfer of membership interests, and forced insolvencies? We examine the clues to unravel the case of this curious entity.