Olson v. Halvorsen

STEELE, Chief Justice:

Brian Olson, the plaintiff below appellant, claims that his investing partners orally amended their LLC’s compensation provisions. The Vice Chancellor held that Olson failed to prove an amendment, and that the statute of frauds applies to LLC operating agreements, making the alleged oral amendment nonenforceable. Olson asserts that applying the statute of frauds to LLC agreements contravenes the General Assembly’s intent to give LLC agreements maximum effect. Because the trial court committed no legal error and the record supports the Vice Chancellor’s contractual…