By Gail Weinstein, Steven Steinman, Randi Lally and Maxwell Yim ( June 22, 2018, 1:35 PM EDT) -- There are now more than twice as many limited liability companies and other alternative entities formed in Delaware as are corporations. Private equity funds and hedge funds are often formed as LLCs or limited partnerships to take advantage of the structural flexibility and tax treatment available. A key advantage is the ability to modify or eliminate traditional corporate-type fiduciary duties and, specifically, to facilitate conflicted transactions that arise due to the fund managers' various roles in managing multiple funds. In part one of this article, we discuss the recently issued Delaware decisions relating to the obligations of LLC directors under Delaware law; in part two, we will outline the key principles elucidated in these decisions and offer related practice points....