Operating agreement provisions on personal liability and indemnification
Known as the Kentucky Limited Liability Company Act
The act spans §§ 275.001 to 275.540 (110 sections).
Applied in 1 court decision — leading case Commonwealth v. Grider (2012)
Most recently applied in Commonwealth v. Grider (May 2012)
Effective: July 15, 1998 History: Amended 1998 Ky
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.
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.