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DE SB115
Bill
AI Summary
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Clarifies that modifications to partnership status (such as declaring a partnership is not a separate legal entity) in statements of partnership existence or partnership agreements do not eliminate other chapter provisions unless explicitly waived.
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Adds a safe harbor procedure allowing partnerships to ratify void or voidable acts and transactions, or waive failures to comply with partnership agreement requirements, by approval of necessary partners or persons, reversing prior case law limiting ratification of void acts.
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Permits partners to delegate management rights, powers, and duties regardless of conflicts of interest, and protects delegatees from being deemed conflicted solely due to the delegating partner's conflict of interest.
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Establishes that when partners obtain information under partnership agreements or statutory rights for stated purposes, they may access only information "necessary and essential" to that purpose, unless the partnership agreement provides otherwise.
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Effective date: August 1, 2021.
Legislative Description
An Act To Amend Title 6 Of The Delaware Code Relating To The Creation, Regulation, Operation, And Dissolution Of Domestic Partnerships And The Registration And Regulation Of Foreign Limited Liability Partnerships.
Last Action
Signed by Governor
6/30/2021