Delaware General Corporate Law § 226 (the “Custodian Statute”) bestows the Delaware Court of Chancery with the power to appoint a custodian for solvent companies and receivers for insolvent companies in certain circumstances. See 8 Del. C. § 226. Specifically, a custodian may be appointed where, inter alia, a company’s “stockholders are so divided

With the limited liability company (“LLC”) being the entity of choice for many new businesses, LLC members and managers need to understand their legal obligations with respect to the LLC and its members. While directors of a corporation have fiduciary duties to its shareholders, similar duties are not automatically in effect for an LLC.

Fiduciary