Abstract
With the enactment in 2001 of the Utah Revised Limited Liability Company Act (URLLCA), Utah businesspeople electing to form LLC's are faced with a difficult conundrum regarding the duties they owe to the company and to each other, and whether they may opt out of or reduce those duties. Although the URLLCA provides statutory duties for members and managers, two of its provisions clearly allow members to opt out of those duties and reduce them according to the terms of the LLC operating agreement.' On the other hand, another provision very specifically states that members may not reduce their statutory duties.
Recommended Citation
Johnson, Stan
(2002)
"Duties Under the Utah Revised Limited Liability Company Act: Analysis of a Statutory Conflict,"
Utah Law Review: Vol. 2002:
No.
3, Article 5.
Available at:
https://dc.law.utah.edu/ulr/vol2002/iss3/5