ARTICLE ABOUT UNWRITTEN OPERATING AGREEMENTS

By , February 6, 2018 7:42 am

The article cited below about the above topic is by a leading LLC scholar.  It merits careful study.

Here’s the cite:

Business Law Today
September, 2017
Department
Daniel S. Kleinberger
Copyright © 2017 by the American Bar Association; Daniel S. Kleinberger

FROM THE UNIFORM LAW COMMISSION: LIKE GREAT BRITAIN, A LIMITED LIABILITY COMPANY MAY HAVE AN UNWRITTEN CONSTITUTION

Under Elf Atochem N. Am., Inc. v. Jaffari, 727 A.2d 286, 291 (Del. 1999), the operating agreement is indubitably the “cornerstone” of a limited liability company. This column examines the problems arising when that cornerstone is unwritten.

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