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2016 Bus. L. Today [i] (2016)

handle is hein.journals/busiltom2016 and id is 1 raw text is: January 2016 Feature Articles Our, 4 ,, i-Thenm. Limited Liability Co,,mp.anies - Lnde,,standh,g the [',m-,,, 0,,ga ,ni z a tu ok a Form * Tri Death of an LLC. What's Trending i, LLC DNssolutwo, Law? LLC dissolution law represents an interesting and important laboratory for legal experimentation as LLC law continues to innovate and evolve. There are broad areas of convergence among various LLC regimes, but specific rules tend to vary from state to state. Distinct, individualized state experience with LLC law and related policy considerations may underlie these differences among the states. Limited Lia bility Comp,,ny I,,nte,,ests'. as Prope,,rty of a D-ebto,,'s Esta te -- Is the Operatik-,, .,¢greenent E-xecutory? This article, and Limited Liability Company Interests as Property of a Debtor's Estate - Executory Agreements and the Conundrum of Section 365 together, address the implications of a bankruptcy on a member's rights under LLC agreements. Limited Liability Company In,*terests am iProperty ol z,, Debtor's Estake - ',-,-.cutor y Ag,,,eem,-nts and tU,e Conwndrum of Section 3635 In a companion article to Limited Liability Company Interests as Property of a Debtor's Estate - Is the Operating Agreement Executory? this article assumes that the operating agreement governing an LLC interest held by a debtor's estate is executory and examines the seeming internal inconsistencies of Bankruptcy Code Section 365. * XIR Guessir,, Gz-,,,mes and Distrbution Waterlalls Distribution waterfalls in partnership and LLC agreements often incorporate IRR hurdles. Many of those agreements define IRR with reference to Microsoft Excel's XIRR function. That function, if given the correct inputs, can guess an IRR with impressive accuracy. When repurposed to compute IRR hurdles, however, the XIRR function can be considerably less accurate. The function's failure in this context can turn computing distribution requirements into a guessing game. This article illustrates how the XIRR function can create problems and proposes a better, direct way to define IRR for purposes of computing IRR hurdles.

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