An In-Depth Look at the Recent Amendments to Delaware’s LLC and Partnership Acts
July 29, 2021
On May 20, we distributed an alert detailing the proposed amendments to Delaware’s LLC and Partnership Acts. In this video, our attorneys summarize some of the more significant proposed amendments that affect Delaware limited liability companies (Delaware LLCs), Delaware limited partnerships (Delaware LPs) and Delaware general partnerships (Delaware GPs), including amendments (i) providing safe harbor procedures for the ratification of void and voidable acts and transactions, (ii) clarifying the standards governing default information rights under the LLC and Partnership Acts, (iii) confirming the broad authority of persons to delegate managerial authority, (iv) modifying the provisions governing statutory public benefit Delaware LLCs and statutory public benefit Delaware LPs, and (v) confirming that Delaware GPs that opt out of separate entity status characteristics as permitted by the GP Act remain governed by the GP Act. All of the proposed amendments will become effective on August 1, 2021.