Ky. Rev. Stat. § 275.180

Current through 2024 Ky. Acts ch.225

Section 275.180 - Operating agreement provisions on personal liability and indemnification

A written operating agreement may:

(1) Eliminate or limit the personal liability of a member or manager for monetary damages for breach of any duty provided for in KRS 275.170; and

(2) Provide for indemnification of a member or manager for judgments, settlements, penalties, fines, or expenses incurred in a proceeding to which a person is a party because the person is or was a member or manager.

KRS 275.180

Effective:7/15/1998
Amended 1998, Ky. Acts ch. 341, sec. 30, effective7/15/1998. -- Created 1994 Ky. Acts ch. 389, sec. 36, effective 7/15/1994.