Category: Delaware LLC Act

NEW AMENDMENTS TO DELAWARE GLL AND LLC ACT

By , August 23, 2016 3:53 pm

The post under the following link provides a good summary of the above amendments:

http://www.lexology.com/library/detail.aspx?g=00ebf0dc-952e-4884-a39f-4e7de098802a&l=7S4DNFC

NEW AMENDMENTS TO THE DELAWARE LLC AND PARTNERSHIP ACTS

By , July 27, 2016 4:47 pm

The Delaware Limited Liability Company Act is by far the most prominent and influential U.S. LLC Act  Every LLC lawyer should be familiar with it and should know when it to use instead of the lawyer’s home state act.  The Delaware law firm of Richards Layton & Finger provides an excellent summary of the several amendments to the Delaware Limited Liability Company Act and the Delaware general and limited partnership acts that the Delaware Legislature has just enacted.

You can read their summary at http://richardslaytonnews.com/rv/ff00287695adfaaa5408fcfecb47af456b182550.

AMENDMENTS TO DELAWARE ENTITY STATUTES

By , August 7, 2015 3:39 pm

For those of you who form Delaware LLCs and other Delaware entities, here is a good post re the new Delaware amendments to Delaware entity statutes:

http://www.lexology.com/library/detail.aspx?g=9e388310-c142-4763-a754-489fa73237ff&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2015-08-05&utm_term=

CHANGES IN DELAWARE LLC AND PARTNERSHIP STATUTORY LAW

By , July 6, 2015 2:48 pm

The governor of Delaware has just signed bills making changes in Delaware LLC and partnership statutory law.  If you form Delaware LLCs or partnerships or if you might eventually form them or if you’re looking for statutory concepts potentially useful in the LLC act of your home state (as I do for the Massachusetts and New Hampshire LLC acts), you may find these changes interesting.

Here is a link to a blog post of the Richards Layton law firm summarizing these changes:

http://richardslaytonnews.com/rv/ff00204125a325b18b571c2cf74cbbfb658aa993

CURRENT CHANGES IN THE DELAWARE LLC ACT

By , July 25, 2014 7:10 pm

There are many situations in which it is appropriate to form LLCs under the Delaware Limited Liability Company Act (the “DLLC Act”) rather than under one’s home-state LLC Act.  But if you’re forming Delaware LLCs, you need to be aware of any changes in the DLLC Act that may affect your clients.  Every year, the Delaware Bar proposes at least a few changes in the DLLC Act, and the Delaware legislature routine enacts these changes.  The changes in the DLLC Act for this year will become effective on August 1, 2014.  Since none of them are likely to affect any Delaware deal you’re doing, I won’t list them here.  But if you’d like to know what they are, I suggest you click on the attached link:

http://blogs.duanemorris.com/duanemorrisdelawarebusinesslaw/tags/christopher_winter.

 

DELAWARE CASE RE REMOVAL OF MANAGER

By , May 5, 2014 4:28 pm

This April 30, 2014 post from an excellent blog called “Delaware Business Litigation” discusses a case in which, in essence, a 90% member, in his LLC’s LLC agreement (the term for “operating agreement” in the Delaware Limited Liability Company Act), waived his right to remove the manager.  The case is 2009 Caiola Family Trust v. PWA LLC, C.A. 8028-VCP (April 30, 2014).  Caiola demonstrates the flexibility of the DLLC Act and the enforceability under the DLLC Act of even highly one-sided arrangements among the members.  If you’re forming a highly one-sided LLC for your clients, consider using the DLLC Act to ensure enforceability unless you’re absolutely certain of enforceability under your home state act.