™Your Policy Risk Impact Agent
115 chapters · 1,834 sections in this title.
4 CMC § 4853 Member's and Manager's Rights to Payments and Reimbursement
1.0K chars
Member’s and Manager’s Rights to Payments and Reimbursement. (a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the com…
4 CMC § 4854 Management of Limited Liability Company
2.6K chars
Management of Limited Liability Company. (a) In a member-managed company: (1) Each member has equal rights in the management and conduct of the company’s business; and (2) Except as otherwise provided in subsection (c), any matter relating to the business of the company may be de…
4 CMC § 4855 Sharing of and Right to Distributions
0.6K chars
Sharing of and Right to Distributions. (a) Any distributions made by a limited liability company before its dissolution and winding up must be in equal shares. (b) A member has no right to receive, and may not be required to accept, a distribution in kind. (c) If a member becomes…
4 CMC § 4856 Limitations on Distributions
2.4K chars
Limitations on Distributions. (a) A distribution may not be made if: (1) The limited liability company would not be able to pay its debts as they become due in the ordinary course of business; or (2) The company’s total assets would be less than the sum of its total liabilities p…
