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Home / Opinion Digests / Corporate – Fiduciary Duty – LLC – Member- Manager (access required)

Corporate – Fiduciary Duty – LLC – Member- Manager (access required)

Virginia's Limited Liability Company Act allows members to use their articles of incorporation or operating agreements to define fiduciary relationships among themselves, but the Act itself does not impose such duties, and a member-manager's legal claims based on such fiduciary duties, based solely on the statute, are dismissed. The parties were instructed to address whether the ...

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