Stephen M. Honig

This column examines the confusion in understanding fiduciary obligations of owners and managers of certain types of entities in different states, specifically Massachusetts and Delaware.

Recognizing the different state judicial histories, and that law requires applying general principles to varied facts, the problem is with two different state legal schemes, and three different primary entity types (corporation, limited liability company and partnership), confusion remains over who owes what fiduciary duty to whom.

To read the full text of this article by Duane Morris partner Stephen M. Honig, please visit the New England In-House website.