§ 401 Management of the Limited Liability Company by Members
§ 402 Voting Rights of Members
§ 403 Meetings of Members
§ 404 Quorum of Members
§ 405 Notice of Meetings of Members
§ 406 Waiver of Notice
§ 407 Action by Members Without a Meeting
§ 408 Management by Managers
§ 409 Duties of Managers
§ 410 Qualification of Managers
§ 411 Interested Managers
§ 412 Agency of Members or Managers
§ 413 Election and Term of Managers
§ 414 Removal or Replacement of Managers
§ 415 Resignation of Managers
§ 416 Vacancies
§ 417 Operating Agreement
§ 418 Classes and Voting of Members
§ 419 Classes and Voting of Managers
§ 420 Indemnification

Terms Used In New York Laws > Limited Liability Company Law > Article 4 - Management by Members or Managers

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fraud: Intentional deception resulting in injury to another.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Intestate: Dying without leaving a will.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Quorum: The number of legislators that must be present to do business.
  • Testator: A male person who leaves a will at death.