Delaware Sale of Deceased Partner's Interest to Surviving Partner in the form of a Purchase Agreement and Bill of Sale
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FAQ
The court found that LLC managers are bound by fiduciary duties unless these are restricted or eliminated explicitly in the agreement.
§§ 17-702. Assignment of partnership interest. (4) A partner ceases to be a partner and to have the power to exercise any rights or powers of a partner upon assignment of all of its partnership interests.
In Delaware, unless limited by the partnership agreement, a general partner has the fiduciary duty to manage the partnership in its best interest and in the best interests of the limited partners.
(b) A person who is a general partner, and also at the same time a limited partner, shall have all the rights and powers and be subject to all the restrictions of a general partner; except that, in respect to his contribution, he shall have the rights against the other members which he would have had if he were not ...
Advantages of a Limited Partnership The general partner possesses complete control of the entity and its assets. High investment potential for passive investors. Long-term rents are included in investment potential. Heirs can receive payments without getting the assets.
(2) A substituted limited partner is a person admitted to all the rights of a limited partner who has died or has assigned his interest in the limited partnership.
Non-managing limited partners typically do not owe fiduciary duties to the limited partnership. However, limited partners who participate in directing or operating a limited partnership could end up treated as general partners by a court with the associated fiduciary duties.
1] Directors and officers of a corporation are fiduciaries. Under Delaware law, the general rule is that a director owes fiduciary duties of loyalty and care to the corporation and its stockholders.[ 2]