LLC Directors’ and Managers’ Obligations—Key Principles, Practice Points and the Recent Delaware Decisions

LLC Directors’ and Managers’ Obligations—Key Principles, Practice Points and the Recent Delaware Decisions


By: Andrew J. Colosimo, Warren S. de Wied, Steven Epstein, Christopher Ewan, Arthur Fleischer, Jr., Andrea Gede-Lange, David J. Greenwald, Randi Lally, Mark H. Lucas, Scott B. Luftglass, Brian T. Mangino, Brian Miner, Philip Richter, Robert C. Schwenkel, David L. Shaw, Peter L. Simmons, Matthew V. Soran, Steven J. Steinman, Gail Weinstein, Maxwell Yim

A key advantage of the LLC or limited partnership structure, as opposed to a corporate structure, is the ability to modify or eliminate traditional corporate-type fiduciary duties for managers, directors and general partners and, specifically, to facilitate conflicted transactions. Below we outline the key principles under Delaware law relating to the obligations of directors and managers of alternative entities, offer related practice points, and briefly discuss the relevant recent Delaware decisions.

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