DELAWARE SUPREME COURT CASE ABOUT FIDUCIARY DUTIES

By , February 6, 2017 1:58 pm

The post under the link below discusses a December 19, 2016 decision by the Delaware Supreme Court affirming the validity of Delaware limited partnership  agreement provisions waiving limited partners’ fiduciary rights.  The decision effectively applies also to all other Delaware “alternative entities,” including LLCs.   It’s often useful for LLC lawyers to provide for waivers of member fiduciary rights even in small family-owned LLCs.  Whether these waivers would be upheld under the LLC acts of non-Delaware states may be unclear.  Under the Delaware Limited Liability Company Act, it is now crystal-clear.

Here is the link:

http://www.lexology.com/library/detail.aspx?g=5da4687a-3fb7-4fc0-9630-0dee47bd4c7a&l=7TC5MFM

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