Fiduciary Duties: LLCs (CA) | Practical Law

Fiduciary Duties: LLCs (CA) | Practical Law

A Practice Note explaining the fiduciary duties of managers and members of a California limited liability company (LLC). This Note describes the duties of loyalty and care, the obligation of good faith and fair dealing, and the modification of fiduciary duties. It also discusses indemnification, limitation of liability, insurance, and additional sources of liability for managers and members under California law.

Fiduciary Duties: LLCs (CA)

Practical Law Practice Note w-009-1121 (Approx. 12 pages)

Fiduciary Duties: LLCs (CA)

by Practical Law Corporate & Securities
MaintainedCalifornia
A Practice Note explaining the fiduciary duties of managers and members of a California limited liability company (LLC). This Note describes the duties of loyalty and care, the obligation of good faith and fair dealing, and the modification of fiduciary duties. It also discusses indemnification, limitation of liability, insurance, and additional sources of liability for managers and members under California law.