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Court Of Chancery Applies Corporate Law Principles To LLC Dispute

Posted In LLC Agreements

Zimmerman v Crothall, C.A. 6001-VCP (March 5, 2012)

This is an interesting application of corporate law principles to an LLC dispute where the LLC operating agreement defined the managers' duties by language closely following common law duties for directors. Thus, the analysis included determining if they acted with gross negligence, were interested in 2 transactions to invoke the entire fairness test, etc.

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