News & Analysis as of

Personal Liability Operating Agreements

Patton Sullivan Brodehl LLP

LLC Operating Agreements Can Reduce Fiduciary Duties

LLC managers owe fiduciary duties both to the LLC and to the LLC’s members, similar to the duties owed by a partner to other partners in a partnership.  (Corp Code §17704.09.)  These include the duty of loyalty, care, and...more

Patton Sullivan Brodehl LLP

LLC Managers: No Immunity for Bad Faith Conduct

Under the “default” rules of most limited liability company laws, including California’s Revised Uniform Limited Liability Company Act, LLC managers owe fiduciary duties to the LLC and its members.  Those default fiduciary...more

Amundsen Davis LLC

Top 3 Initial Legal Issues New Boutique Fitness Studio Owners Face

Amundsen Davis LLC on

Forming a legal entity- Establishing a business entity for your fitness studio can prevent you from being personally on-the-hook if your business is sued. Operating your business as an LLC (or as another entity) can also...more

Verrill

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

Verrill on

In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

Mintz - Bankruptcy & Restructuring Viewpoints

Exculpatory Provisions Under Delaware Law: Say What You Mean And Mean What You Say

Exculpation provisions in operating agreements must be carefully crafted in order to protect members, managers, directors and officers for breaches of fiduciary duties...more

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