The Delaware Limited Liability Company Act lets members provide virtually unlimited exculpation to managers and others from breaches of fiduciary duties. The Delaware case summarized under the link below makes clear that, if properly drafted, these exculpatory provisions work.
https://www.lexology.com/library/detail.aspx?g=6a5c3709-558c-485c-84ee-f56c912f91c3&l=8QCM3QN
The article under the link below provides an excellent summary of the 2019 amendments to the Delaware alternative entity statutes, including the Delaware Limited Liability Company Act. Here’s the link:
https://www.lexology.com/library/detail.aspx?g=25d0afc9-972f-4fdf-9eab-a9d29e956129&l=8H9F1G0
The attached case is required reading for anyone interested in Delaware Limited Liability Company Act forum section issues. It’s a very thoughtful opinion.
https://llc199a.com/wp-content/uploads/Li-vs-LoanDepot.pdf
The Richards Layton firm, a leading Delaware law firm, posted an article concerning recent amendments to Delaware’s LLC and limited partnership acts. The link is below.
http://richardslaytonnews.com/rv/ff004bd6f4b76683acdfdc4ae44588768b341be3
Under the link below, the Delaware law firm of Morris Nichols published an excellent post about the new amendments to Delaware’s alternative entity status, including the Delaware Limited Liability Company Act.
Here’s the link:
Delaware has recently made a number of important amendments to the Delaware Limited Liability Company Act. Most of these amendments became effective on August 1, 2018. Lawyers who draft operating agreements under the Delaware Act need to have a detailed knowledge of these amendments.
For an excellent overview of them, click here:
https://www.loeb.com/publications-clientalerts-20180907-delawareamendslawregardingdivisionandformationoflimitedliabilitycompanies
In A&J Capital, Inc. v. Law Office of Krug, C.A. No. 2018-0240-JRS (July 18, 2018), the Delaware Court of Chancery once again emphasized the profoundly contractarian nature of Delaware LLC law and explained the meaning and implication of Delaware LLC contractarianism in substantial detail. For an excellent summary of the case, click here:
https://www.klgatesdelawaredocket.com/2018/09/chancery-court-enforces-llc-agreement-further-demonstrating-that-llcs-are-creatures-of-contract/
Several significant amendments to the Delaware Limited Liability Company Act became effective on August 1, 2018. A brief but useful discussion of these amendments may be found under this link: https://www.taftlaw.com/news-events/law-bulletins/delaware-limited-liability-company-act-new-statutory-constructs
To those of you who form Delaware LLCs or review Delaware LLC agreements from time to time, the article under the link below may be of interest.
Here’s the link: https://www.lexology.com/library/detail.aspx?g=ed247a58-b704-4a57-81be-89ca544fcd6b&l=87SBCLT
