Delaware LLC Act history
Brief history of the Delaware Limited Liability Company Act and its modernizing amendments.
Definition
The Delaware Limited Liability Company Act was enacted in 1992 and has been amended annually by the Delaware General Assembly. The 1992 Act drew on Wyoming pioneering LLC statute. Subsequent amendments added Series LLCs (2009), blockchain records (2017), and contractual freedom enhancements (multiple years).
Context
Continuous legislative refinement makes Delaware LLC Act the most-developed in the US.
Example
The Delaware Bar Corporate Law Section publishes proposed amendments to the LLC Act each year. The Delaware General Assembly typically adopts the Section recommendations.
Common pitfalls
- Annual amendments require staying current with statutory updates.
- Practitioners typically rely on Delaware Bar publications for legislative changes.