Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

LJN NewslettersNewsSectionsThe Corporate Counselor

Delaware Amends Alternative Entity Statutes

By Scott E. Waxman
December 21, 2007

Earlier this year, Delaware's Governor Ruth Ann Minner (D) signed into law bills amending three of Delaware's four statutes that govern 'alternative entities' formed in the state. Alternative entities are not corporations, but, rather general partnerships, limited liability partnerships, limited partnerships, limited liability companies, and statutory trusts. The three revised statutes are: 1) the Delaware Revised Uniform Partnership Act, 6 Del. C. ' 15-101, et seq. (the 'Partnership Act'), which governs general partnerships, including limited liability partnerships; 2) the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. ' 17-101, et seq. (the 'LP Act'), which governs limited partnerships; and 3) the Delaware Limited Liability Company Act, 6 Del. C. ' 18-101, et seq. (the 'LLC Act'), which governs limited liability companies. The amendments to these statutes, which became effective on Aug. 1, 2007, represent a continuing effort by Delaware to create a flexible statutory framework for the formation and operation of alternative entities.

The most significant of the recent amendments relates to the need to have a limited partnership agreement or limited liability company agreement to properly form a limited partnership or limited liability company, along with and what constitutes these agreements. In addition, the changes also affect the purposes and powers of statutory series, including how assets are held to ensure they qualify for the inter-series limitation on liability afforded by the LP Act and LLC Act. Below is a discussion of these amendments, as well as their implications.

Amendments Confirm Requirement

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models Image

Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.

Hyperlinked Documents: The Latest e-Discovery Challenge Image

As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.

Identifying Your Practice's Differentiator Image

How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.

Risks and Ad Fraud Protection In Digital Advertising Image

The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.

Turning Business Development Plans Into Reality Image

This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.