OntheNet

In this article Gianfranco Pietrafesa states “The full title to this article should be ‘prescribing standards to measure performance of the contractual obligation of good faith and fair dealing under the New Jersey Revised Uniform Limited Liability Company Act.’ . . . The New Jersey Revised Uniform Limited Liability Company Act (NJ-RULLCA) includes a contractual obligation of good faith and fair dealing . . . . An LLC operating agreement may not eliminate the contractual obligation of good faith and fair dealing.”

The new California Revised Limited Liability Company Act contains a similar provision.  People who are drafting Operating Agreements for California LLCs should read this article.