Cheng

BACKGROUND

Involuntary dissolution action and election pursuant to section 17707.03 Appellant filed an action for involuntary dissolution of the LLC in October 2017. Respondents moved for an order staying the dissolution action and electing to purchase appellant’s and Arlene’s interests in the LLC pursuant to section 17707.03. The parties thereafter stipulated to an order staying the dissolution action and appointing three appraisers to determine the fair market value of their respective 25 percent interests in the LLC “using generally accepted appraisal and reporting methods and standards” under section 17707.03. The parties stipulated that “[t]he term ‘fair market value’ shall be defined as commonly

All further statutory references are to the Corporations Code. Because the parties share the same surname, we refer to them by their first names to avoid confusion. Caroline and Diana are referred to collectively as respondents.

2 understood in the appraisal industry, California statutes, and precedents which have applied Corp. Code 17707.03.” The parties further stipulated that “[t]he award of the appraisers, or a majority of them when confirmed by the court, shall…