TERMINATING YOUR MINORITY PARTNER’S EMPLOYMENT IN A CLOSELY HELD NEW JERSEY CORPORATION COULD TRIGGER MINORITY OPPRESSION Do you have a minority partner in a small business that is driving you crazy to the point where you can't even walk into your office without getting a knot in your stomach? If you think the simple solution is to just termin...
In an unpublished decision issued on December 11, 2014, the Appellate Division of the Superior Court of New Jersey was confronted with deciding whether a corporation was the successor in interest to the plaintiff's former commercial tenant such that the corporation should be held liable for tenant's breach of the lease. 40 Eisenhower Drive, LLC v. ...
In an unpublished decision issued on June 20, 2014, a Bergen County judge dismissed the claims of three individual minority shareholders of Fort Lee Bank who alleged damages resulting from a failed bank merger. Kostakapoulous vs. Alma Bank, Superior Court of New Jersey, Law Division, Bergen County, Docket No.: BER-L-1952-14. The court conclud...
Effective April 1, 2014, all limited liability companies ("LLCs") formed in New Jersey will be governed by the Revised Uniform Limited Liability Company Act, N.J.S.A. 42:2C-1 through N.J.S.A. 42:2C-17 (the “Revised Act”). The Revised Act became effective as to newly formed LLCs on March 18, 2013. Starting on April 1, 2014, the Revised Act app...
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