RESULTS FOR POST TAG: Iowa limited liability companies

Apr. 16, 2012The Dickinson Law Newsroom
LLC operating agreement can supplant implied duty of good faith

A recent Delaware Court of Chancery ruling suggests drafters of LLC operating agreements may want to consider establishing a process by which managers of LLCs can be deemed to act in good faith and avoid application of the implied duty of good faith.

Mar. 5, 2012The Dickinson Law Newsroom
Charging orders cannot grant managerial rights in an LLC

The Nevada Supreme Court ruled in Weddell v. H2O, Inc., 128 Nev. Adv. Op. #9, (Nev. March 1, 2012) that a judgment creditor is like an assignee of a membership interest. The creditor is entitled to only the share of the distributions the member would otherwise have received. The managerial interest of the debtor remains with the debtor.

Feb. 3, 2012The Dickinson Law Newsroom
Delaware court issues key opinion on fiduciary duties owed to LLC members

On January 27, 2012, the Delaware Chancery Court issued a 75-page opinion explaining how fiduciary duties are owed by a manager to an LLC’s members absent an expressed limitation or elimination in the operating agreement.

Mar. 21, 2010The Dickinson Law Newsroom
LLCs are preferred in Iowa by more than 3 to 1

The formation of Iowa LLCs continues to outpace corporations. In 2009, 8,422 LLCs were organized in Iowa compared to just 2,571 for-profit corporations. This is a better than 3 to 1 ratio. This is consistent with almost every other state in the Union save California and New York.

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