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To embed, copy and paste the code into your website or blog: Delaware limited liability companies are creatures of contract. And, under the Delaware Limited Liability Company Act, fiduciary duties traditionally imposed upon those in control of an entity can be eliminated or restricted in the operating agreement. If the members of a limited liability company fail to exercise their contractual authority to restrict or eliminate fiduciary duties, however, the Delaware courts borrow default fiduciary duties from corporate law and impose them on the LLC’s managers; specifically, the duty of loyalty and the duty of care. But a recent Delaware decision suggests that even when fiduciary duties are clearly eliminated, parties can sometimes reimpose those duties by stray language in additional provisions purporting to exculpate the managers from liability or claims respecting the duties which have been eliminated. In other words, parties may eliminate fiduciary duties with one stroke of the

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