Deepen your understanding of the complexities surrounding fiduciary duties.
Attending this presentation on fiduciary duties owed by LLC members provides invaluable insights into the ethical and legal standards that govern business relationships within limited liability companies. Participants will gain a clear understanding of key fiduciary duties, including the duty of loyalty and duty of care, and the potential consequences of breaches, such as legal liabilities and loss of trust among members. The session emphasizes the importance of compliance through best practices like transparency, documentation, and legal counsel, ensuring that LLC members are well-equipped to protect their interests and those of the business. By engaging in a Q&A session, attendees can address specific concerns and deepen their understanding of the complexities surrounding fiduciary duties, ultimately fostering a more trustworthy and effective business environment.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction
- Definition of LLC
- Importance of Fiduciary Duties in Business Relationships
- General Overview of the Presentation
Understanding Fiduciary Duties
- Definition of Fiduciary Duty
- Key Fiduciary Duties for LLCs
Duty of Loyalty
- Explanation of the Duty of Loyalty
- Examples of Breaches of the Duty of Loyalty
- Remedies for the Breach of the Duty of Loyalty
Duty of Care
- Explanation of the Duty of Care
- Examples of Breaches of the Duty of Care
- Remedies for the Breach of the Duty of Care
Individuals That Owe These Duties
- Members
- Managers
Practical Implications for LLC Members
- Best Practices for Compliance With Fiduciary Duties
- Importance of Seeking Legal Advice
Conclusion
- Recap the Key Points
- Recap the Role of Fiduciary Duties in Maintaining Trust and Integrity in LLCs
- Re-Encourage a Review of Operating Agreements and for Individuals to Seek Legal Counsel
Question and Answer Session
Additional Resources
- Recommended Readings on Fiduciary Duties in LLCs
- Contact Information for Further Inquiries
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 20, 2024.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.7
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- IN CLE 1.8
- This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.8 hours of Distance Education credit.
- MO CLE 2.0
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.5
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
- NH MCLE 1.6
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 100 Minutes.
- NJ CLE 2.0
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
- NM CLE 1.6
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.6 hours of credit.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- NY CLE 2.0 including Areas of Professional Practice 2
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- TN CLE 1.67
- This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.67 hours of credit.
- WI CLE 2.0
- This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 2.0
- This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- AK CLE 1.5
- Arizona CLE 1.5
- CA MCLE 1.5
- CT CLE 1.5
- HI CLE 1.5
- MO CLE 2.0
- NJ CLE 2.0
- NM CLE 1.6
- NY CLE 2.0 including Areas of Professional Practice 2
- VT CLE 1.5
- WV MCLE 2.0
- WY CLE 1.75
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Michael J. Anthony, Esq.
Anthony Law, LLC
- Founding attorney at Anthony Law, LLC
- Anthony Law focuses in the areas of business litigation, real estate and construction and general corporate law
- Professional associations and memberships include the Columbus Bar Association, Lawrence Funderburke Youth Organization, board member and legal counsel and small business advocate, editor
- J.D. Degree, cum laude, Capital University Law School; B.A. degree in history, Cederville University
- Can be contacted at [email protected] or https://anthonylawllc.com/attorney/mike-anthony
Vincent P. Zuccaro
Anthony Law, LLC
- Attorney at Anthony Law, LLC
- Anthony Law focuses in the areas of business litigation, real estate and construction and general corporate law
- Practice is devoted almost exclusively to litigation at both trial and appellate levels
- Represents clients on business-related disputes encompassing fraud, breach of contract, consumer protection, professional negligence, and fiduciary disputes among business partners
- Has helped numerous individuals and organizations navigate the complexities of the legal system and achieve favorable outcomes
- J.D. degree, The Ohio State University Moritz College of Law; B.A. degree in finance, University of Notre Dame
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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