West Virginia Statutes
§ 31B-4-403 — Member's and manager's rights to payments and reimbursement
West Virginia·Ch. 31B UNIFORM LIMITED LIABILITY COMPANY ACT·Art. 4 RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY
(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) of this section 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 reason
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Legislative History
1996 Reg. Sess., SB338
Nearby Sections
15
§ 31B-1-101
Definitions§ 31B-1-102
Knowledge and notice§ 31B-1-104
Supplemental principles of law§ 31B-1-105
Name§ 31B-1-106
Reserved name§ 31B-1-107
Registered name§ 31B-1-110
Resignation of agent for service of process§ 31B-1-111
Service of process§ 31B-1-112
Nature of business and powers§ 31B-1-114
Penalty for signing false document§ 31B-10-1001
Law governing foreign limited liability companies