A Demand for Indemnity from a Limited Liability Company by Member is a type of legal document in which a limited liability company (LLC) member requests that the LLC provide financial protection against any claims or liabilities that may arise from the performance of their duties as a member. The demand is typically made in writing and can be used in the event that a member is sued or held liable for any issues related to their membership in and/or ownership of the LLC. The most common types of Demand for Indemnity from a Limited Liability Company by Member are breach of fiduciary duty indemnity, personal liability indemnity, and liability for contractual obligations' indemnity. A breach of fiduciary duty indemnity is a type of demand for indemnity that holds the LLC responsible for any losses incurred by the member due to a breach of their fiduciary duties, which include acting in the best interests of the LLC and its members. A personal liability indemnity is a demand for indemnity that seeks to protect the member from any personal liability that may arise due to their involvement in the LLC. Finally, a liability for contractual obligations' indemnity is a demand for indemnity that holds the LLC responsible for any liabilities or losses incurred by the member due to any contractual obligations that the LLC has agreed to honor. In order for a Demand for Indemnity from a Limited Liability Company by Member to be valid, it must be in writing and signed by both the LLC and the member. Additionally, the demand must be made in accordance with the laws and regulations of the jurisdiction in which the LLC is registered.
Demand for Indemnity from a Limited Liability Company by Member
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