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• W103587744 abstract "In Kirksey v. Grohmann, the South Dakota Supreme Court held that judicial dissolution of a limited liability company (LLC) was warranted when its members were deadlocked in disagreement over whether the company should continue joint ownership or dissolve the LLC and sell its sole asset, a large piece of family ranch land. Ultimately, the court determined that the statutory standard for judicial dissolution was satisfied on two grounds. First, the members' relationships had deteriorated such that the economic purpose of the LLC was unreasonably frustrated. Second, it was no longer reasonably practicable to carry on the company's business in conformity with the articles of organization and the operating agreement. In a case of first impression, South Dakota's high court correctly determined that the statutory standard for judicial dissolution was satisfied because member left half of the LLC members with all of the power and the other half incapable of influencing the company's direction. For practitioners moving forward in South Dakota, this case should be narrowly applied because of the exceptional factual circumstances of the case. Further, as legal doctrines related to the LLC continue to unfold, courts should recognize LLCs as individualized entities and seek to honor the parties' agreement and the specific purpose for which the LLC was formed. I. INTRODUCTION Despite its relative youth, the limited liability company (LLC) has become the most popular way to organize a business both across the nation and here in South Dakota. (1) The LLC offers its members limited liability, advantageous tax treatment, and flexibility in selecting a management scheme. (2) Since its first appearance in the United States in 1977, (3) all fifty states have adopted LLC-enabling legislation. (4) Because the LLC has not been fully tested within the justice system, courts continue to explore fundamental aspects of legal doctrine related to the entity. (5) The South Dakota Supreme Court seized the Opportunity to address LLC law in the landmark case of Kirksey v. Grohmann. (6) In Kirksey, the court addressed the statutory standard for judicial dissolution of an LLC formed under South Dakota law. (7) The court emphasized that the four sisters formed the Kirksey Family Ranch, LLC contemplating equal ownership and management, yet ... an impenetrable deadlock (8) left two sisters powerless to influence the company's future. (9) In reaching its decision, the court rightfully considered the language of the operating agreement and the specific purpose of the LLC. (10) Ultimately, the court recognized forced dissolution as a drastic remedy, but it found the remedy appropriate given the sisters' uniquely unfair stalemate. (11) This note will examine the history, characteristics, and statutory landscape of the LLC. (12) It will also discuss the remedy of judicial dissolution. (13) Further, this note determines that the Kirksey court properly awarded dissolution because of the severe inequality in bargaining power between the sisters. (14) This note concludes that this decision should be construed narrowly and applied only in closely analogous situations. (15) Lastly, this note discusses alternative remedies to dissolution and other claims that could have been sought by the plaintiffs in Kirksey. (16) II. FACTS AND PROCEDURE When Grace Kirksey died in July of 2001, she left behind four daughters and a sizeable plot of family ranch land. (17) The land encompassed 2,769 acres in Butte County, South Dakota, and 401 acres in Crook County, Wyoming. (18) The land had been in the Kirksey family for over 100 years and was inherited by Grace's four daughters: Lucille Ruby, Lorraine Kirksey, Dorothy Grohmann, and Eileen Randell. (19) In October of 2002, the sisters formed Kirksey Family Ranch, LLC with each sister taking a quarter interest. (20) The sole asset of the LLC was the Kirksey family land. …" @default.
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• W103587744 date "2011-06-22" @default.
• W103587744 modified "2023-09-24" @default.
• W103587744 title "Kirksey V. Grohmann: LLC Dissolution Is Proper When Member Deadlock Leaves No Meaningful Way to Move Forward" @default.
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