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Updates on the Modifications of Fiduciary Duties for Members of an LLC

 

Gain an understanding of the modification of fiduciary duties available to you through state laws.

Many members in an LLC do not understand the fiduciary duties that present for a member in an LLC. Additionally, many members do not realize that some of these duties can be limited. This topic will educate members of an LLC on the modification of fiduciary duties available to them through state laws that are implemented using specific language in an operating agreement. This material will begin with the inception of the Uniform Limited Liability Company Act discussing what the default fiduciary duties were implemented through this act and how the duties can be limited. Next, the material will review the Revised Uniform Limited Liability Company Act (RULLCA) and the changes that were made in terms of fiduciary duties of members. The material will then discuss what needs to be specified in the operating agreement in order to limit or eliminate fiduciary duties under RULLCA. Additionally, the material will examine different states that are following the RULLCA and discuss how each state is different in terms of fiduciary duties in LLCs. Lastly, drafting tips on what specific language must be added to their operating agreement to ensure these fiduciary duties are limited or eliminated will be discussed.

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Updates on the Modifications of Fiduciary Duties for Members of an LLC

Agenda

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Updates on the Modifications of Fiduciary Duties for Members of an LLC

Faculty

Michael J. Anthony, Esq.

Michael J. Anthony, Esq.

Anthony Law, LLC

  • Managing attorney at Anthony Law, LLC
  • Anthony Law focuses in the areas of general corporate law, technology and intellectual property, real estate, startups and small business, employment and business litigation
  • Professional associations and memberships include the Columbus Bar Association; Lawrence Funderburke Youth Organization, board member and legal counsel and small business advocate, editor
  • J.D. degree, cum laude, Capital University Law School; B.A. degree, in history, Cederville University
  • Can be contacted at [email protected] or https://www.anthonylawllc.com/attorney/anthony-corporate-real-estate-lawyer
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Updates on the Modifications of Fiduciary Duties for Members of an LLC

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