§ 23-18-6-6 — Withdrawal of member; companies existing on or before June 30, 1999

Indiana § 23-18-6-6

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 6: Membership

Text

(a) Unless otherwise provided in a written
operating agreement, a limited liability company existing under this
article on or before June 30, 1999, is governed by this section.
(b) Unless a written operating agreement provides that a member
does not have the power to withdraw by voluntary act from a limited
liability company, the member may do so at any time by giving thirty
(30) days written notice to the other members or other notice required
under the operating agreement. If the member has the power to
withdraw but the withdrawal is a breach of the operating agreement, or
the withdrawal occurs as a result of otherwise wrongful conduct of the
member, the limited liability company may recover from the
withdrawing member damages for breach of the operating agreement,
including the reasonable cost of obtaining the replacement of services
that the withdrawn member was obligated to perform. The limited
liability company may offset the damages against amounts otherwise
distributable to the withdrawn member, in addition to pursuing any
remedies provided for in the operating agreement or available under
applicable law.
(c) Unless otherwise provided in a written operating agreement, in
the case of a limited liability company for a definite term or particular
undertaking, a withdrawal by a member before the expiration of the
term is a breach of the operating agreement.

Legislative History

As added by P.L.8-1993, SEC.301. Amended by P.L.269-1999, SEC.12.