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Ark. Code Ann. § 4-32-302

Admissions by members and managers

Known as the Small Business Entity Tax Pass Through Act

The act spans §§ 4–4 (91 sections).

Acts 1993, No. 1003, § 302.

(1) Except as provided in subsection (b) of this section, an admission or representation made by any member concerning the business or affairs of a limited liability company within the scope of his or her authority as provided for by this chapter is evidence against the limited liability company.

(2) If the articles of organization provide that management of the limited liability company is vested in a manager or managers: An admission or representation made by a manager concerning the business or affairs of a limited liability company within the scope of the manager's authority as provided for by this chapter is evidence against the limited liability company; and

(3) The admission or representation of any member, acting solely in the capacity of a member, shall not constitute evidence against the limited liability company.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.