Delaware Limited Liability Company Act

The Delaware Limited Liability Company Act is a law that governs how LLCs operate in Delaware. It provides a flexible legal framework for LLCs, allowing owners to define their internal structure, rights, and responsibilities through an operating agreement. The law protects members from personal liability for the company's debts and obligations, promoting limited liability. Delaware is popular for LLCs due to its clear legal processes, strong courts, and business-friendly environment. Overall, the Act facilitates the formation, operation, and management of LLCs while offering legal protections and flexibility to adapt to various business needs.