Rhode Island General Laws 7-16-14. Management by members
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Unless the articles of organization or a written operating agreement provide for management by or under the authority of one or more managers in accordance with § 7-16-15, the business and affairs of the limited-liability company shall be managed by the members. If management is vested in the members:
(1) The members are deemed to be managers for purposes of applying the provisions of this chapter unless the context clearly requires otherwise; and
(2) Each of the members has the power and authority and is subject to all duties and liabilities of managers.
History of Section.
P.L. 1992, ch. 280, § 1; P.L. 1997, ch. 188, § 5.
Terms Used In Rhode Island General Laws 7-16-14
- Articles of organization: means documents filed under § 7-16-5 for the purpose of forming a limited-liability company. See Rhode Island General Laws 7-16-2
- Business: means any trade, occupation or other commercial activity engaged in for gain, profit or livelihood for which a corporation can be organized under chapter 1. See Rhode Island General Laws 7-16-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Managers: means a person or persons designated by the members of a limited-liability company to manage the limited-liability company. See Rhode Island General Laws 7-16-2
- Operating agreement: means any agreement, written or oral, of the members as to the affairs of a limited-liability company and the conduct of its business. See Rhode Island General Laws 7-16-2