Courtesy of Wilmington lawyer James Hughes, Jr. and his colleagues at the firm of Young, Conaway, Stargatt & Taylor, is the Fall 2007 issue of their firm’s Delaware Transactional & Corporate Law Update, which includes practical and insightful commentary on recent changes to the Delaware Limited Liability Company Act and the Limited Partnership Act. Here is the electronic version. Especially noteworthy in my view was their excellent discussion of the change to Section 18-201(d) providing that an LLC shall have an LLC agreement. Morever, an amendment to Section 18-101(7)  provides that if an LLC agreement is not entered into, it will be implied in the absence of an oral or written LLC agreement.