Mich. Comp. Laws § 450.4401

Current through Public Act 151 of the 2024 Legislative Session

Section 450.4401 - Management vested in members

Unless the articles of organization state that the business of the limited liability company is to be managed by 1 or more managers, the business of the limited liability company shall be managed by the members, subject to any provision in an operating agreement restricting or enlarging the management rights and duties of any member or group of members. If management is vested in the members, both of the following apply:

(a) The members are considered managers for purposes of applying this act, including section 406 regarding the agency authority of managers, unless the context clearly requires otherwise.

(b) The members have, and are subject to, all duties and liabilities of managers and to all limitations on liability and indemnification rights of managers.

MCL 450.4401

Amended by 2010, Act 290,s 9, eff. 12/16/2010.

1993, Act 23, eff. 6/1/1993 ;--Am. 1997, Act 52, imd. eff. 7/1/1997.