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Michigan Compiled Laws, Chapter 450. Corporations § 450.4407

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 407. A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404,  1 except that the provision does not eliminate or limit the liability of a manager for any of the following:

(a) The receipt of a financial benefit to which the manager is not entitled.

(b) Liability under section 308.  2

(c) A knowing violation of law.

(d) An act or omission occurring before the date when the provision becomes effective.

1 M.C.L.A. § 450.4404.
2 M.C.L.A. § 450.4308.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 450. Corporations § 450.4407 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-450-corporations/mi-comp-laws-450-4407/

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