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• W2602134225 abstract "INTRODUCTIONSince the early 1900s, Delaware has been the preeminent state for businesses to incorporate,1 with more than half of the current Fortune 500 companies incorporated there.2 With the emergence of limited liability partnerships and limited liability companies, Delaware has also become the primary formation state for alternative entities. The attractiveness of Delaware to corporations and alternative entities is due both to the favorable legislation and to the competent judiciary found in the state. This is especially true in regards to alternative entities, where the legislature has given large deference to the freedom of contract between the members or partners of these entities. Additionally, the court of chancery's distinct equity jurisdiction has allowed it to specialize in corporate law, giving businesses the reassurance that the Delaware judiciary not only fully understands complex corporate law issues, but also has extensive experience in the practical application of corporate law.3One area of debate in Delaware law surrounds the doctrine of fiduciary duties in the context of alternative entities. In recent years, it has been firmly established that fiduciary duties in alternative entity agreements may be modified, and even waived, as long as done so expressly. This ability to modify and waive fiduciary duties in the alternative entity context has not only brought with it all the benefits of freedom of contract, allowing the parties to define exactly what standards are applicable in specific situations, but has also inherited the downsides of contract law, such as the challenges courts face when interpreting ambiguous agreements. As Delaware courts have been tasked with interpreting these alternative entity agreements, various outcomes have occurred. The result has been unpredictability and lack of met expectations regarding when and what fiduciary duties will apply. This Comment proposes a solution that will increase predictability for the contracting parties while also allowing fiduciary duties to play their traditional role of filling gaps in incomplete contracts.This Comment begins in Part i by laying out the history and nature of the two common alternative entities-limited liability partnerships and limited liability companies. The nature and history of fiduciary duties are then discussed in Part II, with a focus on their development in the alternative entity context in Delaware. Parts III and iv cover the issues revolving around their waiver, namely increased costs to the entity and unpredictability in judicial decisions, as well as why current contractual interpretative methods in this context are futile. Finally, in Part V, this Comment proposes a possible solution-that Delaware courts should narrowly and strictly construe the express requirement, first determining if a fiduciary duty waiver or modifying provision is clear and express, and applying default fiduciary duties when there is material ambiguity in the contractual provision modifying or waiving the fiduciary duty. This solution will be supported by looking at the important nature of fiduciary duties in fiduciary relationships and by showing that the burden should be placed on the fiduciary, in his role as a fiduciary, to explicitly and clearly waive his duties so that all parties are allowed predictability in ordering their business affairs.I. ALTERNATIVE ENTITIES IN DELAWARETwo primary types of alternative entities to the traditional American business entity of the corporation exist in Delaware-the limited liability company (LLC) and the limited liability partnership (LLP). in Delaware, the formation of alternative entities has outpaced the formation of corporations.4 In 2011, non-corporate business associations as a percentage of new businesses formed w[as] 75%.5 Both entities being relatively new, a primary feature of these alternative business entities is the large allowance for contractual freedom. …" @default.
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• W2602134225 date "2015-09-01" @default.
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• W2602134225 title "Alternative Entities and Fiduciary Duty Waivers in Delaware" @default.
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