Member and Manager Resolutions Toolkit (DE Limited Liability Company)

by Practical Law Corporate & Securities

A Toolkit that provides a collection of member and manager resolutions for Delaware limited liability companies (LLCs). This Toolkit offers standard clauses that can be included in member or manager meeting minutes or written consents. It addresses the default management structure under the Delaware Limited Liability Company Act (the Delaware Act), where an LLC is member-managed unless its LLC agreement specifies otherwise. Even in manager-managed LLCs, the LLC agreement may require member consent for certain fundamental transactions. The resources in this Toolkit are designed to facilitate actions taken at a meeting or by written consent and cover a range of scenarios. These include general company matters, mergers and acquisitions such as asset acquisitions and private mergers, the sale of LLC interests, and other significant transactions like entering into a joint venture or securing financing.