South Carolina Statutes
§ 33-44-403 — Member's and manager's rights to payments and reimbursement.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 44 UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996
(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
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 33-44-403 (Member's and manager's rights to payments and reimbursement.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1996 Act No. 343, SECTION 2.
Nearby Sections
15
§ 33-44-1002
Application for certificate of authority.§ 33-44-1004
Issuance of certificate of authority.§ 33-44-1005
Name of foreign limited liability company.§ 33-44-1006
Revocation of certificate of authority.§ 33-44-1007
Cancellation of authority.§ 33-44-1009
Action by Attorney General.§ 33-44-101
Definitions.§ 33-44-102
Knowledge and notice.§ 33-44-104
Supplemental principles of law.§ 33-44-105
Name.§ 33-44-106
Reserved name.