Elf Atochem North America, Inc. v. Jaffari

VEASEY, Chief Justice:

This is a case of first impression before this Court involving the Delaware Limited Liability Company Act (the “Act”). The limited liability company (“LLC”) is a relatively new entity that has emerged in recent years as an attractive vehicle to facilitate business relationships and transactions. The wording and architecture of the Act is somewhat complicated, but it is designed to achieve what is seemingly a simple concept — to permit persons or entities (“members”) to join together in an environment of private ordering to form and operate the enterprise under an LLC…