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Demand for Indemnity from a Limited Liability Company LLC by Member

Alameda California Demand for Indemnity from a Limited Liability Company LLC by Member

Name: Alameda California Demand for Indemnity from a Limited Liability Company LLC by Member
Brand: US Legal Forms
Rating: 4.81 (364 reviews)

Category:

Limited Liability Company - Members

State:

Multi-State

County:

Alameda

Control #:

US-216LLC

Format:

Instant download

Description

This form is a demand for indemnity from a Limited Liability Company by a member.

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How to fill out Alameda California Demand For Indemnity From A Limited Liability Company LLC By Member?

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FAQ

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

Member-managed LLC. A member-managed LLC is a business entity in which all members participate in the decision-making process. Each member has an equal right to manage the LLC's business, unless otherwise stated in the operating agreement. If a dispute arises, the vote of a majority generally rules.

Indemnification is a key protection for officers, directors and key employees, and the scope of an LLC's or corporation's indemnity provisions demands close attention. In an LLC, indemnification is completely discretionary and the scope of indemnification, if any, can be defined in the LLC's Operating Agreement.

Shareholder shall indemnify, defend and hold harmless the Company and its officers, directors, employees, agents, affiliates and permitted assigns (each, a Company Indemnitee) from and against any and all losses, claims, damages, liabilities, judgments, costs and expenses (including reasonable attorneys' fees)

Under Section 145(c) of the Delaware General Corporation Law (DGCL), Delaware corporations are required, in certain circumstances, to indemnify directors and officers of the corporation for costs incurred in connection with litigation and other proceedings arising from the official's corporate role, including attorneys

Many LLC Acts have a provision dealing with indemnification. Some have a general statement that an LLC must indemnify members or managers for liabilities they incurred in the ordinary course of the business of the company.

A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.

Indemnification is where the company reimburses the director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

Indemnification is a way to provide limited liability protection to the people whose role is to manage, operate or oversee a company.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

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MGP XII SOUTH SHORE CENTER, LLC, a Delaware limited liability company. Our interest in the joint venture.Legality for Investment in the State of California . PHILADELPHIA INDEMNITY INSURANCE COMPANY, Plaintiff and Appellant, v. Et seq ("EGCSD"), and UCP EAST GARRISON, LLC a Delaware limited liability company. ("UCP" or "Developer") (each a "Party" and collectively, the "Parties"). OF BURBANK (hereinafter referred to as "City") and BMV Investment Co., LLC, a. Name of business and description of legal entity, i.e. Providing Capitated Services to Alliance Group Care Members . WHEREAS, Washington and UCSF have entered into that certain Limited Liability Company.

Alameda California Demand for Indemnity from a Limited Liability Company LLC by Member

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How to fill out Alameda California Demand For Indemnity From A Limited Liability Company LLC By Member?

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FAQ

Do directors have the right to indemnification?

Do members of an LLC have equal rights?

Should I indemnify LLC?

Can a company indemnify its shareholders?

Does Dgcl require indemnification?

Should an LLC indemnify its members?

What is LLC indemnification?

Are directors indemnified?

What does the company elects to indemnify its members mean?

What is a director indemnification agreement?

Interesting Questions

What is Alameda's demand for indemnity from a Limited Liability Company (LLC)?

Why would Alameda demand indemnity from a Limited Liability Company (LLC)?

How does indemnity work in the context of a Limited Liability Company (LLC)?

Can Alameda demand indemnity from any LLC?

What happens if the Limited Liability Company (LLC) refuses to provide indemnity?

Are there limits to the amount of indemnity Alameda can demand?

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