When entering into an LLC operating agreement, there are many important factors and issues that must be taken into consideration. Because under Delaware law, LLCs are “creatures of contract,” and if a dispute between the members ultimately arises, the Court will look to this agreement to determine the rights and powers conferred upon each party.

In August 2010, Delaware enacted several amendments to the Delaware General Corporation Law (“DGCL”) in connection with nonstock corporations.  Prior to these 2010 amendments, the DGCL lacked a comprehensive approach to nonstock corporations.  Today, there are between 15,000 and 20,000 nonstock corporations registered in Delaware, many of which are not-for-profit corporations, organized to comply with