Colorado § 7-80-407 Reimbursement and indemnification of members and managers

Colorado Statutes

§ 7-80-407 — Reimbursement and indemnification of members and managers

Colorado·Title 07 Corporations·Art. Limited Liability Companies

A limited liability company shall reimburse a person who is or was a member or
manager for payments made, and indemnify a person who is or was a member or
manager for liabilities incurred by the person, in the ordinary course of the business
of the limited liability company or for the preservation of its business or property, if
such payments were made or liabilities incurred without violation of the person's
duties to the limited liability company.

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A limited liability company shall reimburse a person who is or was a member or
manager for payments made, and indemnify a person who is or was a member or
manager for liabilities incurred by the person, in the ordinary course of the business
of the limited liability company or for the preservation of its business or property, if
such payments were made or liabilities incurred without violation of the person's
duties to the limited liability company.

Colorado § 7-80-407 (Reimbursement and indemnification of members and managers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.