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Jun
Non-Waivable Duty of Good Faith&Fair Dealing in Your LLC
Keep this in mind when dealing with your LLC partners and/or members/managers. One cannot eliminate or contract away, in your Operating Agreement or otherwise, the duty of good faith and fair dealing that is required of every Colorado Limited Liability Company partner/member/manager.C.R.S. 7-80-108(2)(d)An operating agreement may not:Eliminate the obligation of good faith and fair dealing under section 7-80-404 (3); except that the operating agreement may prescribe the standards by which the performance of the obligation is to be measured, if such standards are not unreasonable…-Christian L. Johnson