lack Letter
BAU.S. Court of Appeals, Fourth Circuit, 2003stubesbozounverifiedsin verificarSkim briefBrief rápido

Robinson v. Glynn

349 F.3d 166 (4th Cir. 2003)

An investor who helped run the LLC says his membership interest was a security

In one lineEn una línea
An LLC interest is not a security where the member has real power to manage and does not rely solely on others' efforts.Una participación en una LLC no es un valor cuando el miembro tiene poder real de administrar y no depende solo del esfuerzo ajeno.
RuleRegla
Under the investment contract test, an interest is a security only if profits are expected to come from the efforts of others; a member with meaningful management rights fails that element.
Why this case is herePor qué está aquí este caso
Shows when an LLC interest is, and is not, a security: it turns on whether the investor relies on the efforts of others.
Procedural posturePostura procesal
Robinson sued under the federal securities laws; the district court dismissed because the LLC interest was not a security; the Fourth Circuit affirmed.
limited liability company (LLC)

AssignedAsignado: 2026-09-17

Read the public opinionLeer la opinión (texto público). SourceFuente: Skim brief from memory of the public opinion; verify facts and holding against the opinion before citing..