Montana HB898 revises laws related to LLC operating agreements, including changes to duties and rights of members and managers.
Montana HB898 generally revises laws related to the interpretation of limited liability company (LLC) operating agreements. The bill allows operating agreements to eliminate the duty of loyalty and the obligation of good faith and fair dealing, provided the standards are not manifestly unreasonable. It also specifies that operating agreements may not unreasonably restrict rights to information or access to records. The bill allows for the creation of series of members with varying rights, powers, and duties.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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