Hawaii Demand for Indemnity from a Limited Liability Company (LLC) by Member is a legal process that allows a member of an LLC in Hawaii to seek compensation or reimbursement for any losses, damages, or liabilities incurred while acting on behalf of the company. This demand is typically made when the member believes that they have taken actions within the scope of their role and responsibilities as a member, but have faced adverse consequences requiring financial indemnification. In Hawaii, LCS are governed by the Hawaii Revised Statutes (HRS) Chapter 428, specifically Section 428-401, which outlines the laws regarding indemnification. The demand for indemnity can be made by any member who has fulfilled their duties in good faith and in a manner reasonably believed to be in the best interest of the LLC. There are different scenarios in which a Hawaii Demand for Indemnity from a Limited Liability Company (LLC) by Member can arise: 1. Contractual Obligations: If a member of an LLC enters into a contract on behalf of the company and fulfills their obligations, yet the contract results in losses or damages, they may demand indemnification from the LLC. 2. Legal Proceedings: When a member faces legal action or litigation related to actions taken in their capacity as a member of the LLC, they may seek indemnification if they are found not to be at fault or if they acted within their authority. 3. Business Expenses: If a member incurs expenses, such as travel, accommodation, or professional services, while performing their duties as a member, they may seek reimbursement or indemnification for these expenses from the LLC. 4. Liability Protection: In an LLC, members generally benefit from limited liability, meaning their personal assets are protected in case the company incurs debts or legal obligations. However, if a member personally guarantees a loan, faces personal liability, or becomes subject to personal obligations or damages, they may demand indemnification from the LLC. It is important to note that the specifics of Hawaii Demand for Indemnity may vary depending on the LLC's operating agreement, any indemnification provisions included, or the individual circumstances leading to the demand. Seeking legal counsel is essential to navigate the legal complexities and requirements specific to the LLC, ensuring compliance with Hawaii state laws and protecting the member's rights. Hawaii Demand for Indemnity from a Limited Liability Company (LLC) by Member is a mechanism designed to provide protection and reimbursement to members who encounter adverse situations or liabilities while acting in their official capacity.
Hawaii Demand for Indemnity from a Limited Liability Company LLC by Member
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How to fill out Demand For Indemnity From A Limited Liability Company LLC By Member?
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FAQ
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
Both corporations and LLCs authorize, and sometimes mandate, indemnification of agents but allow the entity to craft the indemnification terms. Indemnification encourages people to take on the responsibilities and risks of serving as decision makers for an entity.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
The Company shall indemnify and hold Employee harmless to the fullest extent permitted by the laws of the Company's state of incorporation in effect at the time against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's ...
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
The indemnity clause provided that the LLC's manager ?shall not be liable for and shall be indemnified and held harmless ? from any loss or damage incurred ? in connection with the business of the Company, including costs and attorneys' fees ?
Upon the occurrence of any Event for which you may become entitled to indemnity in ance with the above, the Company shall make available to you, from time to time, the amounts of money required to cover the various expenses and other payments involved in the handling of any legal proceedings against you in ...