|August 22, 2011|
Previously published on August 2011
On July 7, 2011, Delaware’s Governor, Jack Markell, signed into law bills amending several of Delaware’s renowned alternative business entity statutes, namely, the Delaware Revised Uniform Partnership Act, 6 Del. C. § 15-101, et seq. (“DRUPA”), the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. § 17-101, et seq. (“DRULPA”), and the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq. (“DLLCA” and collectively with DRUPA and DRULPA, the “Alternative Entity Statutes”). The amendments to the Alternative Entity Statutes (the “Alternative Entity Amendments”) represent a continuing effort by Delaware to create a flexible statutory framework for alternative business organizations. The balance of this article will touch upon some of the more significant amendments to the Alternative Entity Statutes. Each of these amendments is effective as of August 1, 2011.