Bronx, New York is a vibrant borough located in New York City. It is known for its rich cultural diversity, historic landmarks, and thriving neighborhoods. As a part of New York City, the Bronx attracts numerous businesses that operate as Limited Liability Companies (LCS) for various purposes. However, there may be situations where a member of an LLC in the Bronx may need to demand indemnity from the company. In such cases, understanding the different types of Bronx New York Demand for Indemnity from a Limited Liability Company LLC by Member is crucial. Here are a few variations: 1. Personal Injury Indemnity Demand: If a member of an LLC based in the Bronx suffers personal injuries due to the company's actions or negligence, they may have grounds to demand indemnity. Personal injury cases can involve slip and falls, workplace accidents, or other incidents caused by the LLC's failure to maintain a safe environment. 2. Breach of Contract Indemnity Demand: In cases where a member enters into a contractual agreement with an LLC in the Bronx, and the company fails to fulfill its obligations, the member may assert a demand for indemnity. This can include situations where the LLC breaches their contractual promises, resulting in financial losses for the member. 3. Product Liability Indemnity Demand: When an LLC in the Bronx manufactures or distributes defective products that harm a member, the affected party can seek indemnity. This might involve faulty consumer goods, dangerous medication, or any other product-related claims where the LLC is held responsible for the member's damages. 4. Professional Malpractice Indemnity Demand: If a member engages with an LLC in the Bronx for professional services such as legal, medical, or financial advice, and suffers harm as a result of professional negligence or incompetence, they may request indemnity. Cases of professional malpractice can severely impact the member's financial or personal well-being, warranting a demand for indemnification. 5. Third-Party Liability Indemnity Demand: When an LLC in the Bronx causes harm to a member due to the actions of a third party, the member may demand indemnity. For instance, if the LLC fails to adequately supervise or maintain their property, resulting in injury to a member caused by an outside party, the LLC can be held liable and a demand for indemnification can be made. Understanding the various types of Bronx New York Demand for Indemnity from a Limited Liability Company LLC by Member is essential for asserting legal claims and protecting the rights of affected individuals. It is important to consult with knowledgeable legal professionals who specialize in business law and personal injury to navigate these complex situations effectively.
Bronx New York Demand for Indemnity from a Limited Liability Company LLC by Member
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FAQ
(c) In the case of a limited liability company with more than 35 members, each of the following shall apply: (1) A manager shall cause an annual report to be sent to each of the members not later than 120 days after the close of the fiscal year.
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
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.
Survival. Indemnification obligations survive closing meaning the obligations remain in effect even after you close the deal and collect the purchase price. The survival period for the representations and warranties made in the purchase agreement usually ranges from six months to two years.
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.
Survival periods for breaches of representations and warranties tend to range from between six months and two years after the closing; however, the survival period for certain fundamental representations and warranties will often be longer and sometimes indefinite.
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.
Indemnification is a way to provide limited liability protection to the people whose role is to manage, operate or oversee a company.
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)