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Code · Kentucky · Kentucky Revised Statutes

275.525 Loans to members and managers by nonprofit limited liability company

122 words·~1 min read·/ky/275-525

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

prohibited -- Exception for some business entities.
(1)Unless a nonprofit limited liability company has only business entities formed for a
nonprofit purpose as its members, no loan shall be made by the company to its
members or managers, and any member or manager who assents to or participates in
the making of a loan violating this prohibition shall be liable to the company for the
amount of the loan until its repayment.
(2)No loan shall be made by a nonprofit limited liability company to its managers, and
any member or manager who assents to or participates in the making of a loan
violating this prohibition shall be liable to the company for the amount of the loan
until its repayment.
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