Mich. Comp. Laws § 450.4407

Current through Public Act 151 of the 2024 Legislative Session

Section 450.4407 - Managers; eliminating or limiting liability; exceptions

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, 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.

(c) A knowing violation of law.

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

MCL 450.4407

1993, Act 23, eff. 6/1/1993 .