An operating agreement which is in writing may:
(1) Eliminate or limit the personal liability of a member or manager for monetary damages for breach of any duty provided for in ยง 4-32-402; and
(2) Provide for indemnification of a member or manager for judgments, settlements, penalties, fines, or expenses incurred in a proceeding to which a person is a party because the person is or was a member or manager.
Section: Previous 4-32-402 4-32-403 4-32-404 4-32-405 NextLast modified: November 15, 2016