Fiduciary Duties

Explore comprehensive insights into the legal obligations of trust and loyalty that arise within various relationships, such as between trustees and beneficiaries or corporate directors and shareholders. Under this tag, visitors will find expert discussions, video interviews, and articles detailing the nature and scope of these duties, including the consequences of breaches and the legal standards applied to uphold them. Enhance your understanding of how these essential responsibilities impact business law and estate planning, all while navigating the complexities of legal accountability.

How to Draft an Enforceable Operating Agreement for a Delaware LLC with Multiple Classes of Membership Interests

How to Draft an Enforceable Operating Agreement for a Delaware LLC with Multiple Classes of Membership Interests

Business & Corporate /

Delaware LLC operating agreements can create multiple classes of membership interests with different voting, economics, and transfer rights—if the agreement is drafted with precision to satisfy Delaware’s LLC Act and contract principles. For founders, investors, and managers, class structure often determines control, dilution, and exit outcomes. This article explains how to draft an enforceable Delaware […]

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How to Draft a Delaware Startup Operating Agreement That Protects Founders During a Funding Round

How to Draft a Delaware Startup Operating Agreement That Protects Founders During a Funding Round

Business /

Delaware LLC operating agreements can be amended by member consent, and the default Delaware Limited Liability Company Act can be overridden by contract in many areas. That flexibility is why most founder protections during a funding round must be drafted—not assumed. This article explains the clauses founders should negotiate in a Delaware startup operating agreement

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How to Draft a Delaware LLC Operating Agreement to Prevent Founder Deadlock in a 50/50 Ownership Split

How to Draft a Delaware LLC Operating Agreement to Prevent Founder Deadlock in a 50/50 Ownership Split

Business & Entrepreneurship /

Deadlock can cripple a 50/50 Delaware LLC because neither founder has the votes to act without the other. A well-drafted operating agreement can prevent stalemates by allocating decision rights, setting tie-break procedures, and creating exit paths. This article explains the Delaware-specific clauses, drafting choices, and practical examples attorneys use to keep 50/50 companies operating. Why

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How to Draft a Delaware LLC Operating Agreement That Protects Founders During a Future Investor Dilution Round

How to Draft a Delaware LLC Operating Agreement That Protects Founders During a Future Investor Dilution Round

Business & Corporate Law /

A Delaware LLC operating agreement can pre-wire anti-dilution protections, preemptive rights, and manager consent rules to preserve founder control in the next priced round. Delaware’s contract-first LLC statute gives founders unusually broad flexibility to allocate voting, economics, and fiduciary duties by agreement. This article explains the key clauses, investor-facing pitfalls, and drafting examples that help

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Board members meeting around conference table

What is a board of directors?

Business & Corporate, Business Law, Corporate Governance /

A board of directors is an elected group—typically 3 to 15 members—that governs a corporation on behalf of shareholders. It hires and oversees top executives, sets strategic direction, and approves major decisions while meeting fiduciary duties. This article explains what boards do, how they’re structured, and why they matter. Understanding the Board of Directors A

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Executor reviewing estate documents at desk

What is an executor?

Estate Planning, Probate and Estate Administration, Trusts and Estates /

An executor is the person legally appointed to settle a deceased person’s estate through probate. They gather assets, pay valid debts and taxes, and distribute remaining property under the will or state law. This article explains what an executor does, how they’re chosen, and key responsibilities and limits. When someone passes away, their assets, debts,

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