Ed McNally to Serve as Panelist for Webinar on LLC Operating Agreements on December 15, 2010
Ed McNally will be a panel member for a live 90-minute webinar program entitled LLC Operating Agreements - Crafting Provisions on Fiduciary Duties, Indemnification and Exculpation to Minimize Business Disputes on Wednesday, December 15, 2010 at 1:00 p.m. Eastern Time. Sponsored by the Legal Publishing Group of Strafford Publications, the webinar will include an interactive Q&A session.
One of the more commonly litigated nontax LLC issues is liability of LLC managers. LLCs enjoy the flexibility to contractually define fiduciary and other duties of LLC managers and can, in many instances, contractually eliminate statutory and common law fiduciary duties in the operating agreement.
Liability can also be addressed through contractual risk transfer provisions such as indemnity and hold harmless agreements, exculpatory agreements, and limitation of liability agreements.
As the scope of an LLC manager's liability varies according to the obligations, authority and duties set forth in the operating agreement, clearly and unambiguously drafted fiduciary duties and liability provisions will protect both managers and the entity as well as minimize business disputes.
This seminar will discuss statutory and common law duties that generally face LLC managers, and provide guidance on crafting fiduciary duties provisions and indemnification, exculpation and limitations on liabilities clauses that clearly define the scope of duties and extent of a manager's liabilities.
The outline includes the following:
I. Common law duties of LLC manager
II. Statutory duties of LLC managers
III. Crafting contractual fiduciary and other duties provisions
IV. Crafting indemnification and exculpation clauses
For details about the event click here.