Remember Gilbert v Weintraub, the case of the LLC member who resigned as manager and started a competing company? A new decision by Justice Timothy Driscoll sheds more light on the question whether a member-manager can shed fiduciary duty.
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A case decided last month by Justice Timothy Driscoll in Gilbert v Weintraub raises but doesn’t answer the tantalizing question whether a member of a multi-member, member-managed LLC with no operating agreement can shed fiduciary obligations and freely start a competing business by disavowing any management role in the prior business. This week’s New York Business Divorce has the story.
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