Limited liability companies, as “alternative entities” under Delaware law, enjoy significantly greater freedom in ordering their internal affairs than do corporations. The contractarian bent of Delaware law is at its height in both the legislative and the judicial treatment of LLCs. Unlike corporations, LLCs may contract out of fiduciary duties on the part of their managers, and may control the nature and availability of remedies for breach of an LLC agreement.
The post For Delaware LLCs, Contractual Freedom Overrides Equitable Defenses appeared first on Enhanced Scrutiny.