May 20, 2008
Coauthored by: Lewis H. Lazarus
Business Law Today, Volume 17, Number 5, May/June 2008
Explanation of a recent decision in which the Delaware Court of Chancery reinforced the freedom of contract policy underlying Delaware's Limited Liability Company Act in resolving a dispute concerning a member's rights to inspect a limited liability company's books and records. The article illustrates three critical lessons for both drafters of LLC agreements and litigators.