to address these important matters of variation, nccusl adopted limited liability partnership amendments (ullpa) to rupa in 1995. a number of states have adopted rupa, and a few have already adopted the ullpa. recent amendments to the alternative entity statutes clarified that the default fiduciary duties may be expanded, restricted or eliminated by provisions in a limited partnership agreement or limited liability company agreement, provided, however, that the implied contractual covenant of good faith and fair dealing may not be eliminated.
this article discusses the parameters of implied contractual covenant of good faith and fair dealing and its anticipated application and impact in the alternative entity arena. the data suggest that immediate and short-term concerns have given way to adaptation to the changes.
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