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Self-Study Audio Download

Fiduciary Duties After the New Arizona Limited Liability Company Act


Total Credits: 3.0 CLE

Average Rating:
   2
Categories:
Business & Commercial Law
Original Program Date:
Dec 02, 2020


Description

The LLC is the most prevalent type of business entity in Arizona. The New Arizona Limited Liability Company Act has changed the legal landscape on many issues governing LLCs, including the scope of fiduciary duties imposed on members and managers of LLCs and related indemnification rights, which are regularly litigated. Lawyers who advise LLCs and their management and members, whether on a transactional or litigation basis, as well as judicial officers, need an understanding of these new legal principles to successfully represent their clients and to hear and rule on these LLC disputes, as the case may be.

What You’ll Learn
1. Scope of fiduciary duties of members and managers of LLC under common law and the new Arizona Limited Liability Company Act
2. What “gross negligence” means under the duty of care
3. Whether the corporate “business judgment rule” applies in the LLC context
4. Exculpation and limitation of liability for breach of fiduciary duties
5. Statutory versus contractual rights to indemnification and advancement of expenses
6. Practical applications of fiduciary duties in business divorce litigation and settlement

Presented by: Business Law Section
Chair: May Lu, Tiffany & Bosco PA

Faculty:
May Lu, Tiffany & Bosco PA
Robert A. Royal, Tiffany & Bosco PA
James W. Reynolds, Tiffany & Bosco PA
Andrew B. Turk, Clark Hill PLC

Handouts

Reviews

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Overall:      4.5

Total Reviews: 2

Comments

Nicholas C

"The presentation was very helpful and clearly presented."