South Carolina Directors and Officers Indemnity Trust

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Multi-State
Control #:
US-CC-17-105G
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Word; 
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This sample form, a detailed Directors and Offiers Indemnity Trust, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.
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FAQ

SECTION 33-44-303. Liability of members and managers. (a) Except as otherwise provided in subsection (c), the debts, obligations, and liabilities of a limited liability company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the company.

Organization. (a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the office of the Secretary of State for filing.

S.C. Code Ann. § 33-44-504(e) provides that Section is the exclusive remedy by which a judgment creditor may satisfy a judgment out of the distributional interests in an LLC.

South Carolina Code of Laws Sections 33-44-108 through 33-44-111 contain the state law governing registered agents for limited liability companies. This includes the need to have an agent and office for service of process, the procedures for changing the agent or office, and what an agent must do to resign.

Specifically, Section 33-44-303 of the South Carolina Code of Laws provides that the liabilities of the LLC are solely the liabilities of the company, and a member or manager is not personally liable for them solely by reason of being or acting as a member or a manager.

(a) Unless prohibited or limited by the articles or bylaws, any action that may be taken at any annual, regular, or special meeting of members may be taken without a meeting if the corporation delivers a written or electronic ballot to every member entitled to vote on the matter.

Notices to the Attorney General. (a) A nonprofit organization shall give the Attorney General written notice that it intends to dissolve at or before the time it delivers articles of dissolution to the Secretary of State. The notice shall include a copy or summary of the plan of dissolution.

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South Carolina Directors and Officers Indemnity Trust