Richards Layton & Finger

Olson v. Halvorsen

November 4, 2008

The Delaware Court of Chancery recently issued its decision in Olson v. Halvorsen, CA No. 1884-VCL (Del. Ch. Oct. 22, 2008), granting defendants’ motion for summary judgment and finding that, as a matter of law, the statute of frauds applies to a limited liability company operating agreement (an "LLC agreement"). This case deals with an issue of first impression under Delaware law and potentially limits the ability of a limited liability company to operate under an oral LLC agreement under the Delaware Limited Liability Company Act.

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