Commercial Law Counseling - CLIENT ALERT

July 14, 2009

The Delaware legislature enacted several amendments to three of Delaware’s four “alternative entity” statutes that become effective on August 1, 2009. 

Among other things, the amendments (I) effectively codify the doctrine of independent legal significance, as developed in Delaware corporation law, to apply to LLCs, limited partnerships and general partnerships; and (ii) confirm the ability by merger or consolidation to amend an operating or partnership agreement or adopt a new operating or partnership agreement for an entity that is the surviving or resulting entity in a merger or consolidation

Click here to download Legislative Developments in Delaware’s “Alternative Entities” – Limited Liability Companies, Limited Partnership and Partnerships, a summary of the amendments.