Tag: Commercial

Delaware Supreme Court Rules on “Necessary and Essential” Condition for LP Books and Records Demands

The Delaware Supreme Court recently decided the case of Murfey v. WHC Ventures, LLC, No. 294, 2019 (Del. July 13, 2020), which involved a dispute over whether the plaintiff limited partners were entitled to certain books and records under the partnership agreement in question.  Specifically, plaintiffs sought the Schedule K-1s of the other limited partners in the partnership purportedly for the... Continue Reading

The Delaware Brand: An Introduction

“The dominance of Delaware in entity formations, especially corporations, is well known. But why is this the case, what goes into making – and keeping – the “Delaware Brand?” Delaware is a small state, we have less than one million people and are the second smallest geographically, yet we are the home of more than 60% of the Fortune 500. We are the clear jurisdiction of choice for the... Continue Reading

Limited Liability Companies: Legal Aspects of Organization, Operation, and Dissolution

Morris Nichols partners Lou Hering, David Harris, and Jason Russell are coauthors of the Bloomberg BNA Corporate Practices Series Portfolio, Limited Liability Companies: Legal Aspects of Organization, Operation, and Dissolution. Morris Nichols attorneys Sean Sullivan and Melanie Young are also acknowledged for their significant contributions... Continue Reading

2019 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

In its 2019 session, the Delaware legislature passed a number of amendments to the Delaware General Corporation Law and the Delaware “alternative entity” statutes—the Delaware Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act, and the Delaware Revised Uniform Partnership Act... Continue Reading

2019 Q&A on the Delaware Law Amendments Relating to Registered Series of Limited Liability Companies

The DLLCA is amended annually to ensure that it is the preeminent statute governing LLCs and to ensure that the DLLCA addresses the needs of practitioners and persons using the LLC form, including the needs of M&A practitioners.  The amendments that took effect on August 1, 2019 provide for creation of “registered series” (Amendments), among other things. A registered series is... Continue Reading

Delaware Corporation Law Section Approves Amendments to Delaware’s Alternative Entity Acts

On April 4, 2019, the Corporation Law Section of the Delaware State Bar Association approved amendments to the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq. (the “DLLCA”), the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. §§ 17-101 et seq. (the “DRULPA”), and the Delaware Revised Uniform Partnership Act, 6 Del. C. §§... Continue Reading

Delaware Supreme Court Rules on Minority Members’ Rights in the Sale of LLCs

In Oxbow Carbon & Minerals Holdings, Inc. v. Crestview-Oxbow Acquisition, LLC, the Delaware Supreme Court affirmed in part and reversed in part a decision by the Court of Chancery that used the implied covenant of good faith and fair dealing to permit minority members (the “Minority Members”) of a Delaware limited liability company (the “LLC”) to cause a sale of the LLC despite the... Continue Reading

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