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In 2015, Texas amended Section 1.201(b)(27) of the Texas Business & Commerce Code to clarify that a series of a Texas series LLC falls within the definition of a legal "person." [ 9 ] This clarification is important because the definition of "person" is also incorporated in the Texas Uniform Commerce Code's definition of "debtor."
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Auriga Capital Corp), [20] parties to an LLC remain free to expand, restrict, or eliminate fiduciary duties in their LLC agreements (subject to the implied covenant of good faith and fair dealing). [21] Under 6 Del. C. Section 18-101(7), a Delaware LLC operating agreement can be written, oral or implied.
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