South Carolina § 33-44-403 Member's and manager's rights to payments and reimbursement.

South Carolina Statutes

§ 33-44-403 — Member's and manager's rights to payments and reimbursement.

South Carolina § 33-44-403

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 44UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996

This text of South Carolina § 33-44-403 (Member's and manager's rights to payments and reimbursement.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 33-44-403 (2026).

Text

(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 company or for the preservation of its business or property.

(b)A limited liability company shall reimburse a member for an advance to the company beyond the amount of contribution the member agreed to make.

(c)A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) constitutes a loan to the company upon which interest accrues from the date of the payment or advance.

(d)A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation f

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(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 company or for the preservation of its business or property. (b) A limited liability company shall reimburse a member for an advance to the company beyond the amount of contribution the member agreed to make. (c) A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) constitutes a loan to the company upon which interest accrues from the date of the payment or advance. (d) A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation for services rendered in winding up the business of the company.