Kansas Statutes 17-7691. Remedies for breach of operating agreement by member
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 17-7691
- Member: means a person who is admitted to a limited liability company as a member as provided in Kan. See Kansas Statutes 17-7663
- Operating agreement: means any agreement, whether referred to as an operating agreement, limited liability company 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 Kansas Statutes 17-7663
An operating agreement may provide that:
(a) A member who fails to perform in accordance with, or to comply with the terms and conditions of, the operating agreement shall be subject to specified penalties or specified consequences; and
(b) at the time or upon the happening of events specified in the operating agreement, a member shall be subject to specified penalties or specified consequences.
Such specified penalties or specified consequences may include and take the form of any penalty or consequence set forth in subsection (c) of Kan. Stat. Ann. § 17-76,100, and amendments thereto.