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Statutory Interpretation Contract Terms Corporate Governance

Clark Hill PLC

Can you eliminate fiduciary duties in a Texas LLC?

Clark Hill PLC on

Bottom Line: Yes, as of May 14, 2025, members of a Texas LLCs can now eliminate fiduciary duties through their company agreements (aka “operating agreements”), thanks to a crucial amendment that added the word “eliminate” to...more

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

Allen Matkins

If "Will" Means "Shall", Does "Shall" Mean "Will", "May" or "Must"?

Allen Matkins on

In reviewing a recent agreement, I came across the following interpretive provision...more

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