Corporate
Apr. 18, 2012
Limited fiduciary duties of LLC managers
Even if the operating agreement eliminates fiduciary duties, a minimum standard of conduct still applies. By Kathryn Barrett of Silicon Valley Law Group
Limited liability companies are business entities governed primarily by contract - the LLC operating agreement. They are more flexible than other business structures. But this flexibility comes with some perils. Unlike corporations and partnerships, where there is a large body of law that imposes fiduciary duties on partners and company management, those duties can be modified or eliminated in LLCs. The LLC operating agreement can limit the man...
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