New York state law provides for the judicial dissolution of a limited liability corporation where the original purpose behind its formation is no longer achievable, a Commercial Division judge has ruled.
Brooklyn Supreme Court Justice Carolyn Demarest (See Profile) said she found sufficient basis for her conclusion in Limited Liability Company Law (LLCL) §702 and she rejected the invitation of the petitioner in Matter of Natanel v. Cohen, 502760/13, to draw on rulings by the Delaware Chancery Court to justify the disbanding of the Y and Y Ditmas LLC.
