611 - Business transactions of a member with the limited liability company. - New York Statutes

§ 611. Business transactions of a member with the limited liability company. Except as may be provided in the operating agreement, a member may lend money to, borrow money from, act as a guarantor or surety for, provide collateral for the obligations of and transact other business with the limited liability company and, subject to other applicable law, has the same rights and obligations with respect thereto as a person who is not a member.