North Carolina Lawyers Weekly

Where a long-term employee agreed to stay on and turned down a job offer from a different employer because defendants made him a shareholder in the defendant-corporation, this minority shareholder’s allegation that defendants subsequently terminated his employment could support a ...

An LLC member’s bare allegation that she made undefined written demands of the LLC is insufficient to allow her to bring derivative claims on behalf of the LLC. The court grants defendants’ motion to dismiss plaintiff’s derivative claims. The court ...

To the extent the nominal defendant LLC purports to have retained plaintiff’s counsel on its own behalf, the court has appointed a receiver who has the authority to take those steps necessary to continue or discontinue such representation. Defendants’ motion ...

In entering the consent order allowing petitioners to inspect the respondent-corporation’s records, the court did not make findings of fact or conclusions of law and did not decide whether petitioners had the right to inspect the demanded records in their ...

G.S. § 57D-8-01(a)(2) requires that, before a limited liability company member files a derivative claim, the member must first make a pre-suit written demand on the LLC. However, the statute does not specify how the demand is to be delivered. ...

In lieu of bonuses or raises, the plaintiff-employee agreed to accept “Phantom Units,” which are instruments that are assigned value under a formula provided in a “Phantom Compensation Plan” upon the sale of the defendant-employer at or above a certain ...

Corporate Shareholder’s Meeting – Statutory Application – Notice A minority (26 percent) shareholder – the applicant – in a private corporation demanded that the corporation hold a special shareholders’ meeting for the removal of certain directors within 30 days. Even ...

Business purchase agreement not enforceable against purchasers where individual signed in capacity as agent and sellers gave purchasers a counteroffer and rejection, with no further negotiations or signed agreement following. We grant defendants’ motion for partial summary judgment. The parties ...

In the context of a limited liability company, a group of members with an aggregate majority ownership do not owe a fiduciary duty to minority members. The court grants in part and denies in part defendants’ motion to dismiss. Allegations ...

Even though defendant Wilson owned a 56.3 percent interest in the defendant-limited liability company, since the LLC’s operating agreement defined a “majority” as 67 percent or greater of the LLC’s issued voting shares, the trial court should not have instructed ...