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S.C. Code Ann. § 33-44-403

Member's and manager's rights to payments and reimbursement

Known as the South Carolina Uniform Limited Liability Company Act

The act spans §§ 33–33 (94 sections).

Applied in 1 court decision — leading case Park Regency, LLC v. R & D Development of the Carolinas (2012)

Most recently applied in Park Regency, LLC v. R & D Development of the Carolinas (November 2012)

1996 Act No. 343, SECTION 2.

(a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the company or for the preservation of its business or property.

(b) A limited liability company shall reimburse a member for an advance to the company beyond the amount of contribution the member agreed to make.

(c) A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) constitutes a loan to the company upon which interest accrues from the date of the payment or advance.

(d) A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation for services rendered in winding up the business of the company.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.