Fiduciary Duty Considerations In Choosing Between Limited Partnerships And Limited Liability Companies

This article compares the fiduciary duties imposed upon the general and limited partners in a limited partnership to the fiduciary duties imposed on the managers in, and members of, a limited liability company under the most recent revisions to the uniform acts which govern these entities. It includes an analysis regarding the extent to which these duties can be abrogated by agreement. Sample forms of provisions modifying fiduciary duties are also included.