Managers and managing members of limited liability corporations (LLC’s) owe duties of care and loyalty (called fiduciary duties) to the LLC and its members. A member of an LLC has far more responsibility to fellow shareholders than an employee would have to an...
st of 2014 by the new California Revised Uniform Limited Liability Company Act (RULLCA). The new provisions of RULLCA significantly alter the default and mandatory rules that previously governed California based LLCs. Although many of the provisions are similar to the...
