San Diego California Articles of Incorporation with Indemnification

Name: San Diego California Articles of Incorporation with Indemnification
Brand: US Legal Forms
Rating: 4.58 (400 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

San Diego

Control #:

US-CC-17-124C

Format:

Instant download

Description

This sample form, a detailed Articles of Incorporation, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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How to fill out San Diego California Articles Of Incorporation With Indemnification?

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Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not

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.

An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

Indemnification clauses are common in corporations and LLCs. Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.

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.

For investment companies like mutual funds, corporate indemnification of a director is not permitted under Section 17(h) of the Investment Company Act of 1940 (1940 Act) for willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his sic officeso called

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.

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Articles of incorporation in California are a set of legal documents required for business owners to establish their entity as a corporation in the state. Although beyond the scope of this article, companies reviewing their indemnity agreements may want to expand this review to include directors.Kevin is the managing partner at Vela Wood. San Diego, CA 92108. (Address of principal executive offices). Indemnification Provisions. Arising under Article 3 of the California Nonprofit Public Benefit. Develop a Waldorf School in the San Diego area.

San Diego California Articles of Incorporation with Indemnification

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How do you write an indemnification clause?

What is director indemnification?

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Can a corporation indemnify its shareholders?

When can a company indemnify its directors?

Are directors indemnified?

What is an example of indemnification clause?

Do directors have the right to indemnification?

Why would a company not indemnify its directors?

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Interesting Questions

What are Articles of Incorporation?

What is indemnification in the context of San Diego Articles of Incorporation?

Who can be indemnified under San Diego Articles of Incorporation?

Why is indemnification included in San Diego Articles of Incorporation?

What types of actions are covered under indemnification?

Are there any limitations to indemnification in San Diego Articles of Incorporation?

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