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2020 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 32 - Small Business Entity Tax Pass Through Act
Subchapter 4 - Rights and Duties of Members and Managers
§ 4-32-404. Limitation of liability and indemnification of members and managers
Universal Citation:
AR Code § 4-32-404 (2020)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
An operating agreement which is in writing may:
(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) 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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