What are some potential issues with LLCs?
- Creditors will argue that they can pierce the veil of an LLC.
- Some statutes hold the rule to piercing LLC’s to be the precedent cases in piercing the corporate veil
- Fiduciary duties: §409: picks up §404 of RUPA, stating a fiduciary duty can be modified but not eliminated
- in a manager-managed LLC, a member owes no fiduciary duty for the ordinary commercial venture one will probably question whether to use a corp. or an LLC
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