A Buffalo lawyer who ran up a $125,000 debt on a credit line and then dissolved his professional service limited liability company and started a sole proprietorship cannot be held liable for the arrears under the de facto merger doctrine, an appellate panel in Rochester has held.
The Appellate Division, Fourth Department, said New York law does not permit a corporation or professional service limited liability company (PSLLC) to merge with a “natural person, individual or sole proprietorship.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
