Perspective
Aug. 7, 2010
Limitation of Fiduciary Duties for LLC Members
Unsure about California’s law governing the fiduciary duties for members and managers of limited liability companies? Well, you’re not alone, by Marshall P. Horowitz and Gregg R. Sultan of Snell & Wilmer.
Given the current economic climate, non-controlling members of limited liability companies (LLCs) increasingly are scrutinizing the actions of LLC managing members and managers more rigorously than in the past. Managers and managing members of LLCs typically owe duties of care and loyalty (called fiduciary duties) to the LLC and its members. Many states permit modification by contract of the fiduciary duties of me...
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