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Demand for Indemnity from a Limited Liability Company LLC by Member

Queens New York Demand for Indemnity from a Limited Liability Company LLC by Member

Name: Queens New York 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:

Queens

Control #:

US-216LLC

Format:

Instant download

Description

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

Letter - Notification To Renter of Automat...

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FAQ

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.

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)

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.

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

(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.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

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.

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.

The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.

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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605.0408 Reimbursement, indemnification, advancement, and insurance.—. Any LLC member can participate in management without being exposed to personal liability.Ins. Company Search. Basic Search To select a company, use one of the following options: Company Name Starting with: Company Name Containing:. To them in the Franchise Agreement and Area Development Agreement.

Queens New York Demand for Indemnity from a Limited Liability Company LLC by Member

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