Limitation of liability and indemnification of members and managers

  1. Law
  2. Arkansas Code
  3. Business and Commercial Law
  4. Corporations and Associations
  5. Small Business Entity Tax Pass Through Act
  6. Rights and Duties of Members and Managers
  7. Limitation of liability and indemnification of members and managers

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An operating agreement which is in writing may:

  1. (1) Eliminate or limit the personal liability of a member or manager for monetary damages for breach of any duty provided for in § 4-32-402; and

  2. (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.


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