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Limited Liability Company (LLC) › Duty of Loyalty › Contract Terms

Paul Hastings LLP

Nevada Court Finds Business Judgment Rule Applies to Nevada LLCs

Paul Hastings LLP on

The Nevada District Court recently clarified that the business judgment rule — a fundamental corporate law protection — applies to limited liability companies when their operating agreements specify fiduciary duties. The...more

Hicks Johnson

The Importance of “Plain and Unambiguous Language” When Eliminating Fiduciary Duties in Delaware

Hicks Johnson on

The Delaware Limited Liability Company Act allows for the fiduciary duties of a member to be expanded, restricted, or eliminated by provisions in the operating agreement of a limited liability company (“LLC”). If drafters...more

Polsinelli

Member of an Arizona LLC? You May Have a Fiduciary Duty to the LLC

Polsinelli on

Arizona has finally resolved the issue of whether managers and members of an Arizona Limited Liability Company (LLC) owe a common law fiduciary duty to the LLC and whether an operating agreement can lawfully limit those...more

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