The principal place of business will be listed under the address section of the Articles of Organization. For example, “Professional Limited Liability Company”, “PLLC” and so on.
#Arkansas llc fraudulent conveyance professional
If the LLC is a Professional LLC, the word “Professional” must be in the title. “Limited” may be abbreviated “Ltd.” and “Company” can be abbreviated “Co.”. The name of the LLC must contain the words “Limited Liability Company”, “Limited Company”, or the abbreviation “LLC”, “L.L.C.”, “LC” or “L.C.”. The name of the Arkansas Limited Liability Company shall be listed. Like many states, the document for an LLC is short and simple. See our service here.ĪR Limited Liability Companies are structured legally with the Arkansas Articles of Organization for Limited Liability Company.
Smith's predecessor, Bobby Petrino, was paid on a monthly basis by the university and foundation. The first deferred sum of $300,000 would be paid Dec. That changed in July and August, when he agreed to have $250,000 paid by the university on a monthly basis and the rest paid by the foundation in two lump sums after the season - and after he had filed for bankruptcy. When Smith was hired in April, he signed a letter that said half of his salary ($425,000) would be paid by the university on a monthly basis, with the rest coming from the Razorback Foundation, the fund-raising arm of the athletic department.
In general, money earned by a debtor after the bankruptcy filing date is his to keep, but money earned before that belongs to the bankruptcy estate to be divided among creditors. The examination being requested by the creditor is a "common device used by trustees and creditors when they suspect there may have been fraudulent conveyances or other pre-petition transfers that can be avoided," said Scott Ehrlich, a bankruptcy expert and law professor at California Western School of Law in San Diego.Įhrlich said the examination could help determine if the debtor's case should be dismissed or converted, or if the debtor should be denied the discharge of debts he is seeking. Smith, JLS Consulting, the University of Arkansas (or the University Board of Trustees), and the University of Arkansas Foundation that were entered into by and among the foregoing parties in 2012."Īs reported by USA TODAY Sports, one week before he filed for bankruptcy, Smith arranged to have 71 percent of his $850,000 salary at Arkansas deferred until after the football season – a move that has raised legal questions about whether he was trying to shield that money from his creditors.
Instead, Smith has been asked by a creditor, RL BB Acquisition, to turn over numerous financial records.Īmong other items, the creditor has asked Smith to produce "all documents, notes, e-mails, correspondence, telephone records, recordings, documenting discussions or negotiations, or otherwise regarding or relating in any way to any contracts between and among John L. Both moves signal a lengthy court battle for Smith, who once had hoped to quickly discharge his $40 million debt within months of filing for Chapter 7 bankruptcy on Sept.6.
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