Want to limit fiduciary duties in a Minnesota LLC? Not if the limitations are manifestly unreasonable

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Want to limit fiduciary duties in a Minnesota LLC? Not if the limitations are manifestly unreasonable

//business-finance.news-articles.net/content/202 .. the-limitations-are-manifestly-unreasonable.html

Published in Business and Finance on Tuesday, December 10th 2024 at 6:40 GMT by Finance & Commerce
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Minnesota has a long history of upholding high standards of integrity, good faith, and fiduciary duties by owners both to the company and with one another in closely held businesses.

The article from Finance & Commerce discusses the limitations on fiduciary duties within Minnesota LLCs, highlighting a recent court case, Pooley v. National Hole-In-One Association, where the court ruled that while LLC operating agreements can modify fiduciary duties, any limitations must not be "manifestly unreasonable." The court found that the operating agreement in question, which allowed the manager to engage in self-interested transactions without oversight, was indeed manifestly unreasonable. This decision underscores that while members of an LLC have significant flexibility in defining their internal governance, there are boundaries set by the Minnesota Revised Uniform Limited Liability Company Act to ensure fairness and reasonableness in the management and operation of LLCs. The article emphasizes the importance of carefully drafting LLC agreements to balance the interests of all members while respecting legal constraints.

Read the Full Finance & Commerce Article at:
[ https://finance-commerce.com/2024/12/want-to-limit-fiduciary-duties-in-a-minnesota-llc-not-if-the-limitations-are-manifestly-unreasonable/ ]