79-29-403 - Limitation of liability of members and managers. - Mississippi Statutes

§ 79-29-403. Limitation of liability of members and managers.
 

The certificate of formation or limited liability company agreement may contain a provision eliminating or limiting the liability of a manager or a member to the limited liability company or its members for money damages for any action taken, or any failure to take any action, as a manager or member, except liability for: 
 

(a) The amount of a financial benefit received by a member or manager to which he is not entitled; 

(b) An intentional infliction of harm on the limited liability company or the members; 

(c) An intentional violation of criminal law; or 

(d) A violation of Section 79-29-606. 
 

Sources: Laws,  1994, ch. 402, § 32, eff from and after July 1, 1994.