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Demand for Indemnity from a Limited Liability Company LLC by Member

Pima Arizona Demand for Indemnity from a Limited Liability Company LLC by Member

Name: Pima Arizona 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:

Pima

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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FAQ

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.

(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.

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.

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.

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

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.

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)

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.

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S. Supreme Court: Cite is an Adverse Action in Rem Ex Parte Pastor, Inc. 9:45am: New York State Legislature Calls a Legislative Conference, by Assemblyman Richard Gottfried (D/D-Manhattan), and Assembly Member Patricia Fay (D-Brooklyn). See also here. 9am: U.S. Supreme Court: In a 5-4, divided by Justice Alito, decides a case concerning the lawfulness of an Arizona statute which allows a single person or limited liability company (LLC) to own a business without having to be separately represented and responsible through that LLC. In order to resolve the case, the Court rules by a vote of 4-1 that the LLC owners do not have to bear the liability of the company under the Arizona law. The ruling is in part a rebuke to the decision of a higher court to exempt an entire business from state corporation regulation. Here are some of the quotes from the opinion: The statute in question, Ariz. Rev. Stat.

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Pima Arizona Demand for Indemnity from a Limited Liability Company LLC by Member

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