Current through the 2024 Legislative Session
Section 428-403 - Member's and manager's rights to payments and reimbursement(a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the company or for the preservation of its business or property.(b) A limited liability company shall reimburse a member for any advance to the company which exceeds the amount of contribution the member agreed to make.(c) A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) constitutes a loan to the company upon which interest accrues from the date of the payment or advance.(d) A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation for services rendered in winding up the business of the company.