17-7694. Contributions by a manager.
17-7694
17-7694. Contributions by a manager.
A manager of a limited liability company
may make contributions to the limited
liability company and share in the profits and losses of, and in distributions
from, the limited liability
company as a member. A person who is both a manager and a member has the
rights and powers,
and is subject to the restrictions and liabilities, of a manager and, except as
provided in an operating
agreement, also has the rights and powers, and is subject to the restrictions
and liabilities, of a
member to the extent of the manager's participation in the limited liability
company as a
member.
History: L. 1999, ch. 119, § 33; Jan. 1, 2000.