47-34A-408. Members' and managers' right to information.

290 words·~1 min read·/sd/title-47/chapter-47-34/47-34a-408·

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

(a)A limited liability company shall provide managers and members and the respective agents and attorneys of members access for proper purposes to its records, if any, at the company's principal office or other reasonable locations specified in the operating agreement. The company shall provide former members and their respective agents and attorneys access for proper purposes to records pertaining to the period during which they were members. The right of access provides the opportunity to inspect and copy records during ordinary business hours. The company may impose a reasonable charge, limited to the costs of labor and material, for copies of records furnished.

(b)A limited liability company shall furnish to a manager:

(1)Without demand, information concerning the company's business or affairs reasonably required for the proper exercise of the manager's performance of the manager's duties under the operating agreement or this chapter; and

(2)On demand, other information concerning the company's business or affairs, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances.

(c)A limited liability company shall furnish to a member, and to the legal representative of a deceased member or member under legal disability:

(1)Without demand, information concerning the company's business or affairs reasonably required for the proper exercise of the member's rights and performance of the member's duties under the operating agreement or this chapter; and

(d)A member has the right upon written demand given to the limited liability company to obtain at the company's expense a copy of any written operating agreement.