Delaware Code Title 6 Sec. 18-306 – Remedies for breach of limited liability company agreement by member
Current as of: 2023 | Check for updates
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A limited liability company agreement may provide that:
(1) A member who fails to perform in accordance with, or to comply with the terms and conditions of, the limited liability company agreement shall be subject to specified penalties or specified consequences; and
(2) At the time or upon the happening of events specified in the limited liability company agreement, a member shall be subject to specified penalties or specified consequences.
Terms Used In Delaware Code Title 6 Sec. 18-306
- Limited liability company agreement: means any agreement (whether referred to as a limited liability company agreement, operating agreement or otherwise), written, oral or implied, of the member or members as to the affairs of a limited liability company and the conduct of its business. See Delaware Code Title 6 Sec. 18-101
- Member: means a person who is admitted to a limited liability company as a member as provided in § 18-301 of this title, and includes a member of the limited liability company generally and a member associated with a series of the limited liability company. See Delaware Code Title 6 Sec. 18-101
Such specified penalties or specified consequences may include and take the form of any penalty or consequence set forth in § 18-502(c) of this title.