Redefining Loyalty: A Case for Fiduciary Duties from Managers to Transferees under the Arizona Limited Liability Company Act
What have we learned about the rights of a transferee, a concept first introduced in the revised Arizona Limited Liability Act (the “LLC Act”). Owner disputes, business divorce, and member relations with transferees suggest to the author that reform is needed. The transferees’ interests are mostly overlooked in the LLC Act but experience suggests that …