Delaware LLCs and Partnerships Permitted to Use Blockchain Technology for Corporate Governance

In July 2018, Delaware amended Delaware Limited Liability Company Act (DLLCA) and the Delaware General Corporation Law (DGCL) (collectively, the Acts) to provide for the use of blockchain technology in the governance of LLCs and corporations formed under Delaware law, among other changes. The amendments became effective August 1, 2018.

The amendments to the DLLCA and the Delaware Revised Uniform Limited Partnership Act largely model the changes to the DGCL that provide statutory authority for corporations to keep records and provide notices to shareholders using blockchain technology. Under the new amendments, LLCs and LPs may also use networks of electronic databases to create and maintain records, affording partnerships the opportunity to take advantage of revolutionary technology with the power to optimize governance and management mechanisms.

For information, view our post on the changes to the DGCL that were effected in July 2017.

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About Bull Blockchain Law

As lawyers, technologists, and entrepreneurs, the firm’s partners began their journey in the crypto industry by building and operating cryptocurrency mining machines and a private digital asset investment fund. They quickly realized that the industry was woefully underserved by legal professionals who grasped the impact blockchain technology would eventually have on the world. Bull Blockchain Law LLP was founded to support the growth of a new breed of technology. Today, the firm serves as counsel to clients of all sizes and an advocate for sound public policy. It remains one of the few law firms completely focused on the crypto industry.