A Summary Of The New Amendments Relating To The Delaware Alternative Business Entities
Post III of a IV post series.
Highlights of Delaware’s new corporate legislation pertaining to alternative business entities are summarized below just after the official Delaware Division of Corporations disclaimer notice:
NOTE: THE FOLLOWING SUMMARY OF 2008 LEGISLATION AFFECTING DELAWARE BUSINESS ENTITY LAWS IS NEITHER AUTHORITATIVE NOR ALL-INCLUSIVE. THIS SUMMARY DOES NOT REPRESENT OFFICIAL POLICY OF THE STATE OF DELAWARE AND HAS BEEN PREPARED ONLY FOR GENERAL INFORMATION PURPOSES AND NOT FOR LEGAL ADVICE.
AMENDMENTS RELATING TO ALTERNATIVE BUSINESS ENTITIES
The Delaware Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act have been amended in several ways including provisions that:
1. Confirm the broad scope of the use of the term “trust” to include common law trusts, business trusts and other forms of trust.
2. Clarify that certificates of conversion or domestication may be executed by persons authorized to act on behalf of the other entity involved in the conversion or domestication.
3. Clarify the meaning of the term “manager” for a limited liability company for purposes of service of process in certain contested matters.
4. Confirm that certain activities relating to the selection or removal of persons managing the affairs of a limited partnership will not cause a limited partner to be deemed to be participating in the control of the business of a limited partnership.
- A Summary Of The New Amendments To The Delaware General Corporation Law
- A Summary Of The New Amendments Relating To Delaware Franchise And Annual Taxes