Arizona Laws 29-3801. Direct action by member
Current as of: 2024 | Check for updates
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A member may maintain a direct action against another member, a manager or the limited liability company to enforce the member’s rights and protect the member’s interests, including rights and interests under the operating agreement or this chapter or arising independently of the membership relationship.
Terms Used In Arizona Laws 29-3801
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Manager: means a person that under the operating agreement of a manager-managed limited liability company is responsible, alone or in concert with others, for performing the management functions stated in section 29-3407, subsection C. See Arizona Laws 29-3102
- Member: means a person that both:
(a) Has become a member of a limited liability company under section 29-3401 or was a member in a company when the company became subject to this chapter under section 29-3110. See Arizona Laws 29-3102
- Operating agreement: means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in section 29-3105, subsection A. See Arizona Laws 29-3102