RS 12:1315 Limitation of liability and indemnification of members and managers - Louisiana Statutes

§1315.  Limitation of liability and indemnification of members and managers

A.  Subject to Subsection B of this Section, the articles of organization or a written operating agreement may:

(1)  Eliminate or limit the personal liability of a member or members, if management is reserved to the members, or a manager or managers, if management is vested in one or more managers pursuant to R.S. 12:1312, for monetary damages for breach of any duty provided for in R.S. 12:1314.

(2)  Provide for indemnification of a member or members, or a manager or managers, for judgments, settlements, penalties, fines, or expenses incurred because he is or was a member or manager.  

B.  No provision permitted under Subsection A shall limit or eliminate the liability of a member or manager for the amount of a financial benefit received by a member or manager to which he is not entitled or for an intentional violation of a criminal law.  

Acts 1992, No. 780, §2, eff. July 7, 1992.