QUESTION
Multi-layer Delaware LLC has a member LLC that changed CEO, should we have a new operating agreement?
Asked on Apr 29th, 2019 on Business Law - Delaware
More details to this question:
Our multi-layer, manager-managed Delaware LLC formed by three other LLCs, and one of the LLC changed their CEO. Our operating agreement has the member LLC's previous CEO signature. What should we do? Should we have a new operating agreement? Any template that we could use? Thank you very much!
1 ANSWER
I don't know your particular circumstances, but in general the change in CEO's of one of the member LLCs should not change anything or require q new operating agreement. The members haven't changed. Moreover, the prior CEO did not sign for himself, but for his LLC, and that signature, assuming it was valid in the first place, remains valid and binding.
Answered on Apr 30th, 2019 at 8:04 AM