§ 23-18-4-10 — Good faith reliance on records by members or managers; liability

Indiana § 23-18-4-10

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 4: Rights and Duties of Members and Managers

Text

A member or manager of a limited liability
company is not liable when relying in good faith upon the records of
the limited liability company and on the information, opinions, reports,
or statements presented to the limited liability company by its other
managers, members, agents, or employees, or by any other person,
concerning matters the member or manager reasonably believes are
within the other person's professional or expert competence and who
has been selected with reasonable care by or on behalf of the limited
liability company, including information, opinions, reports, or
statements concerning the value and amount of the assets, liabilities,
profits, or losses of the limited liability company or other facts
pertinent to the existence and amount of assets from which
distributions to members might properly be paid.

Legislative History

As added by P.L.8-1993, SEC.301.