DE SB114

Adds safe harbor procedure allowing LLC members/managers to ratify void or voidable acts and transactions, or waive non-compliance with LLC agreement requirements, reversing prior case law that such acts could not be ratified.

Clarifies that members obtaining information from an LLC for a stated purpose may only access information that is "necessary and essential" to achieving that purpose, unless the LLC agreement expands or restricts such rights.

Permits members or managers to delegate their rights, powers, and duties regardless of conflicts of interest, and provides that delegates cannot be deemed conflicted solely because the delegating party has a conflict of interest.

Amends statutory public benefit LLC provisions to require the LLC agreement and certificate of formation to state the company is a statutory public benefit LLC and identify specific public benefits; provides LLC agreement controls over certificate of formation if inconsistencies exist.

Repeals Section 18-1203 and makes conforming changes to statutory public benefit LLC provisions regarding member/manager duties and periodic reporting requirements; effective August 1, 2021.