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22 Aug 2013, 8:35 am
” Similarly, section 17701.10(c)(15) provides that an operating agreement cannot “unreasonably” reduce the duty of care. [read post]
8 Nov 2017, 5:14 am by IncNow
The LLC Operating Agreement is the governing document to allow you to arrange the LLC’s affairs as the members choose. [read post]
4 Apr 2016, 3:31 am by Peter Mahler
Section 18-305 (c) of Delaware’s LLC Act has a similar provision, with one important difference: the Delaware provision authorizes the manager to withhold confidential information whether or not such authority is spelled out in the operating agreement. [read post]
22 Apr 2013, 8:05 am by Asher Bearman
  However, LLCs are becoming more widespread, even for operating businesses. [read post]
24 Jan 2022, 2:46 am by Peter J. Sluka
(c) The bankruptcy, death, expulsion, incapacity or withdrawal of any manager . . . [read post]
10 Sep 2009, 9:10 am by John Nicholson
  There remains the issue of drafting the all important Operating Agreement, (click here for a sample operating agreement) that adequately covers all aspects of your particular business, and this document can (and should) vary greatly depending on several factors, including: (a) the particular industry in which the business is engaged, (b) the number of owners/investors that will be involved in the business (and in what capacity), and (c) whether the business… [read post]
8 Sep 2015, 3:28 am by Peter Mahler
The written operating agreement executed by defendants without plaintiff’s consent, and the amendment of the LLC’s articles of organization changing it to a manager-managed LLC, are both valid under LLC Law § 402(c)(3) stating in pertinent part, “Except as provided in the operating agreement, . . . [read post]
29 Sep 2008, 11:08 pm
 Here are some highlights of the court's opinion: The non-moving party in a motion for judgment on the pleadings pursuant to Rule 12(c) is entitled to the same benefits as the non-moving party in a motion under Rule 12(b)(6). [read post]
24 May 2024, 7:22 am by Stefana
Related: LLC, S-Corp, & C-Corp: What’s Best for US Expats? [read post]
1 Oct 2012, 2:00 am by Peter Mahler
Under §11(c)(7) of the new LLC Act, the grounds for dissolution in §48(a)(4) and (5) cannot be varied by the operating agreement. [read post]