In a prior post, we discussed the standards required to obtain relief under Section 273 of the Delaware General Corporation Law (“DGCL”), i.e. (i) that a Delaware corporation has two 50/50 stockholders, (ii) that the company is engaged in a joint venture, and (iii) the 50/50 stockholders are unable to agree as to whether
Section 273 of the DGCL
Dissolution of a Delaware LLC with Members of Equal Ownership Interest
By Carl D. Neff on
Section 273 of the Delaware General Corporation Law (the “DGCL”) provides a basis for the dissolution of a deadlocked “joint venture” corporation, in which two equal shareholders cannot agree on whether to discontinue the corporation. However, the Delaware Limited Liability Act (“LLC Act”) does not have a provision similar to 8 Del. C. § 273…