This form is a demand for indemnity from a Limited Liability Company by a member.
Suffolk New York Demand for Indemnity from a Limited Liability Company LLC by Member
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-216LLC
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Word;
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How to fill out Demand For Indemnity From A Limited Liability Company LLC By Member?
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FAQ
Shareholder shall indemnify, defend and hold harmless the Company and its officers, directors, employees, agents, affiliates and permitted assigns (each, a Company Indemnitee) from and against any and all losses, claims, damages, liabilities, judgments, costs and expenses (including reasonable attorneys' fees)
Indemnification of Member by Single-Member LLCs An LLC's operating agreement can contain provisions that require the LLC to indemnify the member for losses or expenses that he or she incurs as a member.
An LLC member or manager may also be personally liable to third parties (1) for tortious conduct in which the member actually participates or (2) pursuant to the terms of a written guarantee or other contract into which the member enters, other than the operating agreement. Common law alter ego liability.
Indemnification is a key protection for officers, directors and key employees, and the scope of an LLC's or corporation's indemnity provisions demands close attention. In an LLC, indemnification is completely discretionary and the scope of indemnification, if any, can be defined in the LLC's Operating Agreement.
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
Indemnification is a way to provide limited liability protection to the people whose role is to manage, operate or oversee a company.
A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.
A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.
Member-managed LLC. A member-managed LLC is a business entity in which all members participate in the decision-making process. Each member has an equal right to manage the LLC's business, unless otherwise stated in the operating agreement. If a dispute arises, the vote of a majority generally rules.
