A new draft bill aimed at tightening financial and security oversight of foreign limited liability companies forming in Delaware was met with skepticism from some attorneys who said the proposed legislation would essentially shift the state’s LLC law from an “enabling” statute to a regulatory one.
For about a quarter-century, Delaware has granted considerable flexibility to alternative entities by establishing a legal apparatus that gives maximum effect to the principle of freedom of contract, an important selling point for limited partnerships and LLCs looking to set up in the state.
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